| Year | Festival | Category | Winner | Result |
|---|---|---|---|---|
| 2015 | Golden Globes | Best Actor - Drama | Billy Bob Thornton | Winner |
| 1997 | Oscars | Best Actress | Frances McDormand | Winner |
| 1997 | Oscars | Best Picture | Ethan Coen | Nominated |
| 1997 | Oscars | Best Film Editing | Ethan Coen | Nominated |
| 1997 | Oscars | Best Supporting Actor | William H. Macy | Nominated |
| 1997 | Oscars | Best Director | Joel Coen | Nominated |
| 1997 | Oscars | Best Film Editing | Joel Coen | Nominated |
| 1996 | Cannes | Best Director | Joel Coen | Winner |