| Academy Award Nominations and Winners: |
| Best Picture |
| Best Actor: Tom Cruise |
| ★ | Best Supporting Actor: Cuba Gooding Jr. |
| Best Original Screenplay: Cameron Crowe |
| Best Film Editing: Joe Hutshing |
|
| Golden Globe Nominations and Winners: |
| Best Picture (Musical/Comedy) |
| ★ | Best Actor (Musical/Comedy): Tom Cruise |
| Best Supporting Actor: Cuba Gooding Jr. |
|
| Other Awards: |
| Screen Actors Guild Awards: Best Supporting Actor (Gooding) |
| National Board of Review: Best Actor (Cruise); Breakthrough Performance, Female (Zellweger) |
| Satellite Awards: Best Actor, Musical/Comedy (Cruise); Best Supporting Actor, Musical/Comedy (Gooding) |