| Academy Award Nominations and Winners: |
| ★ | Best Picture |
| ★ | Best Director: Oliver Stone |
| Best Supporting Actor: Tom Berenger |
| Best Supporting Actor: Willem Dafoe |
| Best Original Screenplay: Oliver Stone |
| Best Cinematography: Robert Richardson |
| ★ | Best Film Editing: Claire Simpson |
| ★ | Best Sound: John Wilkinson, Richard D. Rogers, Charles Grenzbach, and Simon Kaye |
|
| Golden Globe Nominations and Winners: |
| ★ | Best Picture (Drama) |
| ★ | Best Director: Oliver Stone |
| ★ | Best Supporting Actor: Tom Berenger |
| Best Screenplay: Oliver Stone |
|
| Other Awards: |
| Berlin Film Festival: Best Director |
| Directors Guild of America: Best Director |
| Independent Spirit Awards: Best Picture; Best Director; Best Screenplay; Best Cinematography |
| Boston Society of Film Critics: Best Director (tie) |
| British Academy Awards (BAFTAs): Best Director; Best Film Editing |