| Academy Award Nominations and Winners: |
| Best Picture |
| Best Director: Sydney Pollack |
| Best Actor: Dustin Hoffman |
| Best Supporting Actress: Teri Garr |
| ✓ | Best Supporting Actress: Jessica Lange |
| Best Original Screenplay: Larry Gelbart, Don McGuire, and Murray Schisgal |
| Best Cinematography: Owen Roizman |
| Best Film Editing: Fredric & William Steinkamp |
| Best Original Song: "It Might Be You" |
| Best Sound: Arthur Piantadosi, Les Fresholtz, Rick Alexander, and Les Lazarowitz |
|
| Golden Globe Nominations and Winners: |
| ✓ | Best Picture (Musical/Comedy) |
| Best Director: Sydney Pollack |
| ✓ | Best Actor (Musical/Comedy): Dustin Hoffman |
| ✓ | Best Supporting Actress: Jessica Lange |
| Best Screenplay: Larry Gelbart & Murray Schisgal |
|
| Other Awards: |
| Writers Guild of America: Best Original Screenplay (Comedy) |
| New York Film Critics Circle: Best Director; Best Supporting Actress (Lange); Best Screenplay |
| Los Angeles Film Critics Association: Best Screenplay |
| National Society of Film Critics: Best Picture; Best Actor (Hoffman); Best Supporting Actress (Lange); Best Screenplay |
| Boston Society of Film Critics: Best Actor (Hoffman); Best Supporting Actress (Lange) |
| British Academy Awards (BAFTAs): Best Actor (Hoffman); Best Makeup (Dorothy J. Pearl, George Masters, C. Romania Ford, and Allen Weisinger) |