In 1991, Loren received the Academy Honorary Award for her contributions to world cinema and was declared "one of the world cinema's treasures." In 1995, she received the Golden Globe Cecil B. DeMille Award.
She presented Federico Fellini with his Honorary Oscar. In 2009 Loren stated on Larry King Live that Fellini had planned to direct her in a film shortly before his death in 1993.
Throughout the 1990s and 2000s, Loren was selective about choosing her films and ventured into various areas of business, including cook books, eyewear, jewellery and perfume.
She received a Golden Globe nomination for her performance in Robert Altman's film Ready to Wear (1994), co-starring Julia Roberts.
In 1994, a Golden Palm Star on the Palm Springs, California, Walk of Stars was dedicated to her.
In the comedy Grumpier Old Men (1995), Loren played a femme fatale opposite Walter Matthau, Jack Lemmon, and Ann-Margret. The film was a box-office success and became Loren's biggest U.S. hit in years.
In 2001, Loren received a Special Grand Prix of the Americas Award at the Montreal World Film Festival for her body of work. She filmed two projects in Canada during this time: the independent film Between Strangers (2002), directed by her son Edoardo and co-starring Mira Sorvino, and the television miniseries Lives of the Saints (2004).
In 2009, after five years off the set and fourteen years since she starred in a prominent US theatrical film, Loren starred in Rob Marshall's film version of Nine, based on the Broadway musical that tells the story of a director whose midlife crisis causes him to struggle to complete his latest film; he is forced to balance the influences of numerous formative women in his life, including his deceased mother. Loren was Marshall's first and only choice for the role. The film also stars Daniel Day-Lewis, Penélope Cruz, Kate Hudson, Marion Cotillard, and Nicole Kidman. As a part of the cast she received her first nomination for a Screen Actors Guild Award.
In 2010, Loren played her own mother in a two-part Italian television miniseries about her early life, directed by Vittorio Sindoni, entitled La Mia Casa È Piena di Specchi (translated My House Is Full of Mirrors), based on the memoir written by her sister Maria.
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