| Academy Award Nominations and Winners: |
| Best Picture |
| Best Director: Alexander Payne |
| Best Supporting Actress: Virginia Madsen |
| Best Supporting Actor: Thomas Haden Church |
| ★ | Best Adapted Screenplay: Alexander Payne & Jim Taylor |
|
| Golden Globe Nominations and Winners: |
| ★ | Best Picture (Musical/Comedy) |
| Best Director: Alexander Payne |
| Best Actor (Musical/Comedy): Paul Giamatti |
| Best Supporting Actress: Virginia Madsen |
| Best Supporting Actor: Thomas Haden Church |
| ★ | Best Screenplay: Alexander Payne & Jim Taylor |
| Best Original Score: Rolfe Kent |
|
| Other Awards: |
| Screen Actors Guild Awards: Best Ensemble Cast |
| Writers Guild of America: Best Adapted Screenplay |
| Independent Spirit Awards: Best Picture; Best Director; Best Actor (Giamatti); Best Supporting Actress (Madsen); Best Supporting Actor (Church); Best Screenplay |
| New York Film Critics Circle: Best Picture; Best Actor (Giamatti); Best Supporting Actress (Madsen); Best Screenplay |
| Los Angeles Film Critics Association: Best Picture; Best Director; Best Supporting Actress (Madsen); Best Supporting Actor (Church); Best Screenplay |
| National Society of Film Critics: Best Supporting Actress (Madsen); Best Supporting Actor (Church); Best Screenplay |
| Boston Society of Film Critics: Best Picture; Best Supporting Actor (Church); Best Screenplay; Best Ensemble Cast |
| National Board of Review: Best Supporting Actor (Church); Best Adapted Screenplay |
| British Academy Awards (BAFTAs): Best Adapted Screenplay |
| Satellite Awards: Best Picture (Musical/Comedy); Best Supporting Actor, Musical/Comedy (Church); Best Ensemble Cast |