| 2002 | Nominated- Watch CBS January 20 to see if he wins! | Golden Globe | Best Performance by an Actor in a Motion Picture - Drama | The Shipping News |
| 2001 | Nominated | Blockbuster Entertainment Awards | Favorite Actor in a Drama/Romance | Pay it Forward |
| 2001 | Won | Golden Apple Awards | Male Star of the Year | |
| 2001 | Won two spots | 10 Greatest Villians of All Time | #5 for The Usual Suspects | #10 for Se7en |
| 2000 | Won | Academy Awards | Best Actor in a Leading Role | American Beauty |
| 2000 | Nominated | American Comedy Awards | Funniest Actor in a Motion Picture(Leading Actor) | American Beauty |
| 2000 | Nominated | Blockbuster Entertainment Awards | Favorite Actor(Drama) | American Beauty |
| 2000 | Won | British Academy Awards | Best Performance by an Actor in a Leading Role | American Beauty |
| 2000 | Won | Chicago Film Critics Association | Best Actor | American Beauty |
| 2000 | Won | Dallas-Fort Worth Film Critics Association Awards | Best Actor | American Beauty |
| 2000 | Won | Florida Film Critics Circle Awards | Best Actor | American Beauty |
| 2000 | Nominated | Golden Globe | Best Performance by an Actor in a Motion Picture(Drama) | American Beauty |
| 2000 | Nominated | Golden Satellite Awards | Best Performance by an Actor in a Motion Picture, Drama | American Beauty |
| 2000 | Won | Kansas City Film Critics Circle Awards | Best Actor | American Beauty |
| 2000 | Won | Las Vegas Film Critics Society Awards/Sierra Award | Best Actor | American Beauty |
| 2000 | Won | London Film Critics Circle Awards | Actor of the Year | American Beauty |
| 2000 | Won | Online Film Critics Society Awards | Best Actor | American Beauty |
| 2000 | Won | Screen Actors Guild Awards | Outstanding Performance by a Male Actor in a Leading Role | American Beauty |
| 2000 | Won | Southeastern Film Critics Association Awards | Best Actor | American Beauty |
| 2000 | Won | Sundance Film Festival | Tribute to Independent Vision Award | |
| 2000 | People's Best Dress List | |||
| 1999 | Won | Film Excellence Award | ||
| 1999 | Won | San Diego Film Critics Society Awards | Best Actor | American Beauty |
| 1999 | Won | Toronto Film Critics Association Awards | Best Male Performance | American Beauty |
| 1999 | Walk of Fame | A Star for Motion Pictures | October 5 | |
| 1998 | Nominated | British Academy Awards | Best Performance by an Actor in a Leading Role | L.A. Confidential |
| 1998 | Won | Cinequest San Jose Film Critics Association Awards | Maverick Tribute Award | |
| 1998 | Won | London Film Critics Circle Awards | Supporting Actor of the Year | L.A. Confidential |
| 1998 | Entertainment Weekly | One of the 25 Best Actors | ||
| 1997 | Won | Boston Society of Film Critics Awards | Best Supporting Actor | L.A. Confidential |
| 1997 | Won | Society of Texas Film Critics Awards | Best Supporting Actor | Midnight in the Garden of Good and Evil |
| 1997 | Empire Magazine | The Top 100 Actors of All Time | Ranked #56 | |
| 1996 | Won | Academy Awards | Best Actor in a Supporting Role | The Usual Suspects |
| 1996 | Won | Broadcast Film Critics Association Awards | Best Supporting Actor | The Usual Suspects |
| 1996 | Won | Chicago Film Critics Association Awards | Best Supporting Actor | The Usual Suspects |
| 1996 | Nominated | Golden Globe | Best Performance by an Actor in a Supporting Role in a Motion Picture | The Usual Suspects |
| 1996 | Nominated | Independent Spirit Awards | Best Male Lead | Swimming With Sharks |
| 1996 | Won | MTV Movie Awards | Best Villian | Se7en |
| 1996 | Nominated | Screen Actors Guild Awards | Oustanding Performance by a Male Actor in a Supporting Role | The Usual Suspects |
| 1995 | Won | Boston Society of Film Critics Awards | Best Supporting Actor | The Usual Suspects |
| 1995 | Won | National Board of Review | Best Supporting Actor | The Usual Suspects |
| 1995 | Won | New York Film Critics Circle Awards | Best Supporting Actor | Se7en |
| 1995 | Won | Seattle International Film Festival | Best Actor | The Usual Suspects |
| 1991 | Won | Tony | Best Featured Actor | Lost in Yonkers |
| 1991 | Won | Drama Desk Award | Outstanding Featured Actor | Lost in Yonkers |
| 1978 | Won | Fall Drama Festival, California | Best Actor | The Gingerbread Lady |