| Academy Award Nominations and Winners: |
| Best Picture |
| Best Director: Jane Campion |
| ★ | Best Actress: Holly Hunter |
| ★ | Best Supporting Actress: Anna Paquin |
| ★ | Best Original Screenplay: Jane Campion |
| Best Cinematography: Stuart Dryburgh |
| Best Costume Design: Janet Patterson |
| Best Film Editing: Veronika Jenet |
|
| Golden Globe Nominations and Winners: |
| Best Picture (Drama) |
| Best Director: Jane Campion |
| ★ | Best Actress (Drama): Holly Hunter |
| Best Supporting Actress: Anna Paquin |
| Best Screenplay: Jane Campion |
| Best Original Score: Michael Nyman |
|
| Other Awards: |
| Cannes Film Festival: Palme d'Or (Best Picture); Best Actress (Hunter) |
| Producers Guild of America: Most Promising Producer (Chapman) |
| Writers Guild of America: Best Original Screenplay |
| Independent Spirit Awards: Best Foreign Film |
| New York Film Critics Circle: Best Director; Best Actress (Hunter); Best Screenplay |
| Los Angeles Film Critics Association: Best Director; Best Actress (Hunter); Best Supporting Actress (Paquin; tie); Best Screenplay; Best Cinematography (tie) |
| National Society of Film Critics: Best Actress (Hunter); Best Screenplay |
| Boston Society of Film Critics: Best Actress (Hunter) |
| National Board of Review: Best Actress (Hunter) |
| British Academy Awards (BAFTAs): Best Actress (Hunter); Best Production Design; Best Costume Design |
| César Awards (French Oscars): Best Foreign-Language Film |
