| Academy Award Nominations: |
| Best Supporting Actor: Tom Cruise |
| Best Original Screenplay: Paul Thomas Anderson |
| Best Original Song: "Save Me" |
|
| Golden Globe Nominations and Winners: |
| ★ | Best Supporting Actor: Tom Cruise |
| Best Original Song: "Save Me" |
|
| Other Awards: |
| Berlin Film Festival: Golden Bear (Best Picture) |
| National Board of Review: Best Supporting Actress (Moore; also cited for An Ideal Husband and A Map of the World);
Best Supporting Actor (Hoffman; also cited for The Talented Mr. Ripley); Best Ensemble Cast |
| Satellite Awards: Best Ensemble Cast |
