| Academy Award Nominations and Winners: |
| Best Picture |
| Best Director: Peter Weir |
| ★ | Best Cinematography: Russell Boyd |
| Best Art Direction: William Sandell; Robert Gould |
| Best Costume Design: Wendy Stites |
| Best Film Editing: Lee Smith |
| Best Sound: Paul Massey, Doug Hemphill, and Art Rochester |
| ★ | Best Sound Effects: Richard King |
| Best Visual Effects: Daniel Sudick, Stefen Fangmeier, Nathan McGuinness, and Robert Stromberg |
| Best Makeup: Edouard F. Henriques & Yolanda Toussieng |
|
| Golden Globe Nominations: |
| Best Picture (Drama) |
| Best Director: Peter Weir |
| Best Actor (Drama): Russell Crowe |
|
| Other Awards: |
| National Society of Film Critics: Best Cinematography |
| British Academy Awards (BAFTAs): Best Director; Best Production Design; Best Costume Design; Best Sound |
| Satellite Awards: Best Sound; Best Visual Effects |
