| Academy Award Nominations: |
| Best Picture |
| Best Director: Paul Thomas Anderson |
| Best Actor: Leonardo DiCaprio |
| Best Supporting Actress: Teyana Taylor |
| Best Supporting Actor: Benicio Del Toro |
| Best Supporting Actor: Sean Penn |
| Best Casting: Cassandra Kulukundis |
| Best Adapted Screenplay: Paul Thomas Anderson |
| Best Cinematography: Michael Bauman |
| Best Production Design: Florencia Martin, Anthony Carlino |
| Best Film Editing: Andy Jurgensen |
| Best Original Score: Jonny Greenwood |
| Best Sound: José Antonio García, Christopher Scarabosio, Tony Villaflor |
|
| Golden Globe Nominations and Winners: |
| ★ | Best Picture (Musical/Comedy) |
| ★ | Best Director: Paul Thomas Anderson |
| Best Actress (Musical/Comedy): Chase Infiniti |
| Best Actor (Musical/Comedy): Leonardo DiCaprio |
| ★ | Best Supporting Actress: Teyana Taylor |
| Best Supporting Actor: Benicio Del Toro |
| Best Supporting Actor: Sean Penn |
| ★ | Best Screenplay: Paul Thomas Anderson |
| Best Original Score: Jonny Greenwood |
|
| Other Awards: |
| National Society of Film Critics: Best Picture; Best Director; Best Supporting Actress (Taylor); Best Supporting Actor (Del Toro) |
| New York Film Critics Circle: Best Film; Best Supporting Actor (Del Toro) |
| Los Angeles Film Critics Association: Best Picture; Best Director; Best Supporting Performance (Taylor; co-winner) |
| Boston Society of Film Critics: Best Adapted Screenplay |
| Chicago Film Critics Association: Best Film; Best Director; Best Supporting Actress (Taylor); Best Supporting Actor (Del Toro); Most Promising Performer (Infiniti); Best Adapted Screenplay; Best Cinematography (Michael Bauman); Best Film Editing (Andy Jurgensen); Best Original Score (Jonny Greenwood) |
| National Board of Review: Best Film; Best Director; Best Actor (DiCaprio); Best Supporting Actor (Del Toro); Breakthrough Performer (Infiniti) |