| Academy Award Nominations and Winners: |
| ✓ | Best Supporting Actress: Mary Steenburgen |
| Best Supporting Actor: Jason Robards |
| ✓ | Best Original Screenplay: Bo Goldman |
|
| Golden Globe Nominations: |
| Best Picture (Musical/Comedy) |
| Best Actor (Musical/Comedy): Paul Le Mat |
| ✓ | Best Supporting Actress: Mary Steenburgen |
| Best Supporting Actor: Jason Robards |
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| Other Awards: |
| Writers Guild of America: Best Original Screenplay |
| New York Film Critics Circle: Best Director; Best Supporting Actress (Steenburgen); Best Screenplay |
| Los Angeles Film Critics Association: Best Supporting Actress (Steenburgen) |
| National Society of Film Critics: Best Picture; Best Supporting Actress (Steenburgen); Best Screenplay |
| Boston Society of Film Critics: Best American Film; Best Supporting Actress (Steenburgen); Best Supporting Actor (Robards); Best Screenplay |