Academy Awards
| Year | Award | Category | Cast & Crew | Result |
|---|---|---|---|---|
| 1984 | Academy of Motion Picture Arts and Sciences | Best Visual Effects | Mark Vargo | Nominated |
| 1984 | Academy of Motion Picture Arts and Sciences | Best Visual Effects | Chuck Gaspar | Nominated |
| 1984 | Academy of Motion Picture Arts and Sciences | Best Visual Effects | John Bruno | Nominated |
| 1984 | Academy of Motion Picture Arts and Sciences | Best Song | Ray Parker, Jr. | Nominated |
| 1984 | Academy of Motion Picture Arts and Sciences | Best Visual Effects | Richard Edlund | Nominated |
Golden Globes
| Year | Award | Category | Cast & Crew | Result |
|---|---|---|---|---|
| 1984 | Hollywood Foreign Press Association | Best Picture - Musical or Comedy | Nominated | |
| 1984 | Hollywood Foreign Press Association | Best Performance by an Actor in a Motion Picture - Musical or Comedy | Bill Murray | Nominated |
| 1984 | Hollywood Foreign Press Association | Best Original Song | Ray Parker, Jr. | Nominated |

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