| Academy Award Nominations and Winners: |
| Best Picture |
| Best Director: Martin Scorsese |
| ✓ | Best Actor: Robert De Niro |
| Best Supporting Actress: Cathy Moriarty |
| Best Supporting Actor: Joe Pesci |
| Best Cinematography: Michael Chapman |
| ✓ | Best Film Editing: Thelma Schoonmaker |
| Best Sound: Donald O. Mitchell, Bill Nicholson, David J. Kimball, and Les Lazarowitz |
|
| Golden Globe Nominations and Winners: |
| Best Picture (Drama) |
| Best Director: Martin Scorsese |
| ✓ | Best Actor (Drama): Robert De Niro |
| Best Supporting Actress: Cathy Moriarty |
| Best Supporting Actor: Joe Pesci |
| Best Screenplay: Paul Schrader and Mardik Martin |
| New Star of the Year (Female): Cathy Moriarty |
|
| Other Awards: |
| New York Film Critics Circle: Best Actor (De Niro); Best Supporting Actor (Pesci) |
| Los Angeles Film Critics Association: Best Picture; Best Actor (De Niro) |
| National Society of Film Critics: Best Director; Best Supporting Actor (Pesci); Best Cinematography |
| Boston Society of Film Critics: Best Picture; Best Actor (De Niro); Best Cinematography |
| National Board of Review: Best Actor (De Niro); Best Supporting Actor (Pesci) |
| British Academy Awards (BAFTAs): Best Film Editing; Most Promising Newcomer (Pesci) |