Academy awards |
| 1988 year 61th |
| Best motion picture of the year | | Winner |
| Performance by an actor in a leading role | Dustin Hoffman | Winner |
| Achievement in cinematic direction | Barry Levinson | Winner |
| Writing Original Screenplay | Ronald Bass/Ron Bass | Winner |
| Writing Original Screenplay | Barry Morrow | Winner |
| Best Cinematography | John Seale | Nomination |
| Original Dramatic Score | Hans Zimmer | Nomination |
| Best Production Design | Ida Random | Nomination |
| Best Production Design | Linda DeScenna | Nomination |
| Film Editing | Stu Linder | Nomination |
Golden Globe Awards |
| 1988 year 46th |
| Best Motion Picture – Drama | | Winner |
| Best Performance by an Actor in a Motion Picture – Drama | Dustin Hoffman | Winner |
| Best Director - Motion Picture | Barry Levinson | Nomination |
| Best Screenplay - Motion Picture | Ronald Bass/Ron Bass | Nomination |
| Best Screenplay - Motion Picture | Barry Morrow | Nomination |