Awards
The film received nominations at the 2003 Academy Awards for Best Performance by an Actor in a Supporting Role (Benicio del Toro) and Best Performance by an Actress in a Leading Role (Naomi Watts).
| Award | Category | Recipient | Result |
|---|---|---|---|
| Academy Awards | Best Actress | Naomi Watts | Nominated |
| Academy Awards | Best Supporting Actor | Benicio del Toro | Nominated |
| BAFTA Awards | Best Actor | Benicio del Toro | Nominated |
| BAFTA Awards | Best Actor | Sean Penn | Nominated |
| BAFTA Awards | Best Actress | Naomi Watts | Nominated |
| BAFTA Awards | Best Editing | Stephen Mirrione | Nominated |
| BAFTA Awards | Best Screenplay – Original | Guillermo Arriaga | Nominated |
| Broadcast Film Critics | Best Actress | Naomi Watts | Nominated |
| Broadcast Film Critics | Best Actor | Benicio del Toro | Nominated |
| Florida Film Critics | Best Actor | Sean Penn | Won |
| Florida Film Critics | Best Actress | Naomi Watts | Won |
| Las Vegas Film Critics | Best Actor | Sean Penn |
Won |
| Los Angeles Film Critics | Best Actress | Naomi Watts | Won |
| National Board of Review | Best Actor | Sean Penn |
Won |
| Online Film Critics | Best Actress | Naomi Watts | Won |
| Online Film Critics | Best Director | Alejandro González Iñárritu | Nominated |
| Online Film Critics | Best Screenplay – Original | Guillermo Arriaga | Nominated |
| Phoenix Film Critics | Best Actress | Naomi Watts | Won |
| Phoenix Film Critics | Best Cast | Cast | Won |
| Phoenix Film Critics | Best Actor | Sean Penn | Nominated |
| Phoenix Film Critics | Best Supporting Actor | Benicio del Toro | Nominated |
| Phoenix Film Critics | Best Editing | Stephen Mirrione | Nominated |
| Phoenix Film Critics | Best Screenplay – Original | Guillermo Arriaga | Nominated |
| Satellite Awards | Best Actor – Drama | Sean Penn |
Won |
| Satellite Awards | Best Actress – Drama | Naomi Watts | Nominated |
| Satellite Awards | Best Supporting Actor – Drama | Benicio del Toro | Nominated |
| Satellite Awards | Best Screenplay – Original | Guillermo Arriaga | Nominated |
| Screen Actors Guild (SAG) | Best Actor | Benicio del Toro | Nominated |
| Screen Actors Guild (SAG) | Best Actress | Naomi Watts | Nominated |
| Southeastern Film Critics | Best Actress | Naomi Watts | Won |
| Venice Film Festival | Coppa Volpi (Best Actor) | Sean Penn | Won |
| Washington DC Area Film Critics | Best Actress | Naomi Watts | Won |
| Washington DC Area Film Critics | Best Supporting Actor | Benicio del Toro | Won |
| Washington DC Area Film Critics | Best Screenplay – Original | Guillermo Arriaga | Nominated |
| World Soundtrack Awards | Discovery of the Year | Gustavo Santaolalla | Won |
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