Academy Award Nominations and Winners: |
★ | Best Picture |
★ | Best Director: John G. Avildsen |
| Best Actress: Talia Shire |
| Best Actor: Sylvester Stallone |
| Best Supporting Actor: Burgess Meredith |
| Best Supporting Actor: Burt Young |
| Best Original Screenplay: Sylvester Stallone |
★ | Best Film Editing: Richard Halsey & Scott Conrad |
| Best Original Song: "Gonna Fly Now" |
| Best Sound: Harry W. Tetrick, William L. McCaughey, Lyle J. Burbridge, and Bud Alper |
|
Golden Globe Nominations and Winners: |
★ | Best Picture (Drama) |
| Best Director: John G. Avildsen |
| Best Actress (Drama): Talia Shire |
| Best Actor (Drama): Sylvester Stallone |
| Best Screenplay: Sylvester Stallone |
| Best Original Score: Bill Conti |
|
Other Awards: |
| Directors Guild of America: Best Director |
| New York Film Critics Circle: Best Supporting Actress (Shire) |
| Los Angeles Film Critics Association: Best Picture (tie) |
| National Board of Review: Best Supporting Actress (Shire) |