Academy awards |
| 1981 year 54th |
| Best motion picture of the year | | Nomination |
| Performance by an actor in a leading role | Henry Fonda | Winner |
| Performance by an actress in a leading role | Katharine Hepburn | Winner |
| Best Supporting Actress | Jane Fonda | Nomination |
| Achievement in cinematic direction | Mark Rydell | Nomination |
| Best Cinematography | Billy Williams | Nomination |
| Original Dramatic Score | Dave Grusin | Nomination |
| Best Sound | Richard Portman /Dick Portman /Richard R. Portman | Nomination |
| Writing Adapted Screenplay | Ernest Thompson | Winner |
| Film Editing | Robert L. Wolfe | Nomination |
Golden Globe Awards |
| 1981 year 39th |
| Best Motion Picture – Drama | | Winner |
| Best Performance by an Actress in a Motion Picture – Drama | Katharine Hepburn | Nomination |
| Best Performance by an Actor in a Motion Picture – Drama | Henry Fonda | Winner |
| Best Performance by an Actress in a Supporting Role in a Motion Picture | Jane Fonda | Nomination |
| Best Director - Motion Picture | Mark Rydell | Nomination |
| Best Screenplay - Motion Picture | Ernest Thompson | Winner |