Robert Altman's Gosford Park, Peter Jackson's The Lord of the Rings and Ron Howard's A Beautiful Mind lead the nominations, with nods for several UK actors including Judi Dench and Kate Winslet for Iris.
The excitement will now mount until the ceremony itself on 24 March.
But, the buzz aside, there will be many also wondering why they, and their films, have been left out.
So what do you think of the Academy's choice of Oscar contenders? Are your favourite movies and performers of the past year in the running? Or are you bitterly disappointed to see them overlooked?
This debate is now closed. Read a selection of your comments below.
Your reaction
I don't care what the Oscars say. Amelie should have received Best Picture, Best Director, Best Actress, Best Original Score, Best Film Editing and Best Sound Editing nominations, in addition to the ones it has already received.
Danny,
USA
I am really glad that 'Lagaan' made it to the best foreign language film nomination. Whether it wins the award or not, it remains the most original and path-breaking film in the history of Indian cinema. While the appeal of the film is universal not everybody will be able to appreciate the concept and perhaps that¿s the reason it may not win the Oscar! But it's a winner alright!!
Rasika,
India
Come on folks, wake up! Who cares about people who imitate other people? Real people are far more important than fakes!
John,
Australia
Out of all the nominations, I reckon the British will do well. But why on earth did they nominate Renée Zellweger?
Gary Hunt,
England
Memento was the most clever movie last year...for keeping my brain engaged and surprised, I would have liked to have seen its director get a nomination. It certainly deserves to win for screenplay!
Annette,
USA
There have been some very impressive films produced this year, but I am voting for Moulin Rouge because this film took risks most film makers would never dare contemplate. It takes a lot of guts to do things to a film that could easily have made it ridiculous, and a lot of talent to come out with a masterpiece instead.
CNS, Durham,
England
I am delighted that Renee Zellweger has been honoured for her worked in Bridget Jones' Diary. Only a few short years ago the British press were laughing that a Texan had been chosen to play this British heroine. Who's laughing now? Every gesture, facial expression, comedic act and even her accent proves she made the role her own.
While I applauded the Academy on this account, I am also dismayed that they continue to ignore films the explore new boundaries such as Mulholland Drive and Memento, two films that were worthy of a nomination. Although A Beautiful Mind had a great cast, it is contrived to tug at the strings of Oscar voters instead of challenging them. I hope, for once, that a fantasy film will be recognized, that being Lord of the Rings for the sheer, awesome scale of its production.
Rebecca Carson,
Canada
Robert De Niro should be in there. His performance in 'The Score' was excellent. I think he's been neglected in his fantastic acting career.
Chris Gower,
London, England
Whilst the movie sensation The Lord of the Rings is undoubtedly the deserved frontrunner with 13 Nominations, not to mention 12 BAFTA Nominations, I find the toughest Categories for me to choose from are Best Actress and Best Supporting Actress. Dame Judi gives an outstanding performance as Iris Murdoch, whilst Nicole Kidman gives a stunning performance as the Parisian Courtesan Satine in Moulin Rouge-I'd vote narrowly for Nicole Kidman. The incredible triple British talent on display in the Supporting Actress Category is even tougher to choose from, but I feel that Kate Winslet's stunning performance as the young Iris deserves to make it third time lucky!
Nicholas. Hindley,
U.K
Jay and Silent Bob Strike Back and Amelie were my favourites. Lord of the rings was fantastic, but how much of this was down to the Tolkein story itself and the bought-in special effects?
Ed,
UK
I am very disappointed that Shrek got only one or two nominees because I was very amused when I saw this film. I know many people would say that it is for kids but I don't think so because it is more sophisticated. And I know many people, who are older than me, who enjoyed it.
Gabriel K,
Austria
I think the best films are Lord of the Rings and Moulin Rouge. Lord of the Rings has very good effects and I think it will win an Oscar for best picture. But the 13 nominations it received are too much. The best actress award is all Nicole Kidman's.
Christine,
Austria
I don't care about who wins Oscars for what because I keep clear of Hollywood films. No wonder that most people who begin to go to films from other countries find that they have been missing something all along.
Anders Dybwad,
Norway
What a shame the producers felt it necessary to cast Nicole Kidman in "Moulin Rouge" simply because she's a Hollywood "name". Had they cast a better looking actress who could dance, sing AND act I am sure the film would have cleaned up at the Oscars.
Steve, UK
The same Hollywood narrow-mindedness that put Life Is Beautiful in the best foreign category returns again for Amelie. How good does a foreign film have to be to get into the best picture category? It doesn't, it just has to be in English. Full Monty made it. Don't tell me Full Monty is a better film than Amelie.
Gosford Park is so totally over-rated and each member of the cast onscreen for so little time due to so many of them that I don't see how any of them can be nominated for anything above best cameo.
Steve B, Scotland
To Steve B, Scotland: Try and get your facts correct. If you did a little research, you'd find that the category you are referring to is best foreign language film. That is why The Full Monty was in the Best Picture category, and Amelie is not.
Adrian,
UK
I think this year's Oscars are going to be really interesting as so many films have received consideration. I'm delighted about how well Britain has done, particularly Jim Broadbent whose overlooked talents deserve more recognition than anyone else. Quite a few surprises as well, particularly Renee Zellweger. The only really glaring omission was a best director nomination for Baz Luhrmann. To bring together something as huge as Moulin Rouge takes a lot of talent and I was very disappointed that he received no nomination. I hope Moulin Rouge wins plenty to make up for it.
Nat,
England
Ben Kingsley was incredible in Sexy Beast. If he does not pick up the Oscar for that performance, then the little faith that I have in the Academy will be lost. Although, just seeing the audience's reaction to whatever clip they play from Sexy Beast will be a reward in itself.
Ron,
USA
I hope Denzel Washington gets the best actor Oscar. This man is so good he can single-handedly turn an average film or script into something glorious. This year should be his year.
Bea Bailey,
UK
So pleased for Kate Winslet and her nomination for Iris, not to mention Dame Judi Dench and Jim Broadbent. But where are Baz Luhrmann and Ewan McGregor for Moulin Rouge? Nicole Kidman must be lonely! And Renee Zellweger - what a surprise. The ceremony ought to be very interesting this year.
Maggie,
USA
Not surprised to see Rings sweep the board, and best of luck to it, but Naomi Watts (Mulholland Drive) and Tony Shalboub (The Man Who Wasn't There) deserved a shot. And although I'm happy to see Memento get a nomination for editing, surely Mulholland Drive merited a mention here also.
Noel Fitzpatrick,
Ireland
I'm so glad Tom Wilkinson received a nomination for In the Bedroom. Although Sissy Spacek is wonderful in the film, he certainly carries it and deserves as much recognition as she has received. I was also surprised and elated to see that Renee Zellweger was nominated for Bridget Jones. She's fantastic! Although I think this year's nominations are fair, unfortunately the statues tend to find their way into predictable hands.
Diana Nance,
USA
I believe Amélie, the most original film in many years, should have been nominated for best picture although it should win best foreign film. Given the choices, I believe A Beautiful Mind should win the best picture award. Amélie should have also been nominated for best original soundtrack. I never place too much faith on the Oscars as they miss the target far too often.
David Olson,
USA
Where are Memento and Mulholland Drive? And where are Noami Watts and Guy Pearce? How Ridley Scott got nominated, I just don't know.
Lola,
USA
I'm just so thrilled that Amelie has got five nominations - fully deserved for such an original and exhilarating film. On the other hand, surely Renee Zellwegger's nomination is one of the most bizarre in recent years - totally unexpected and undeserved.
John Carroll,
UK
I am overwhelmed to see that Lagaan has been nominated for the best foreign language film category.
Ajit Barje,
India
How can Billy Bob Thornton miss out on a nomination for his excellent work in The Man Who Wasn't There? What happened to the Coen brothers' nomination, at least for best screenplay? Instead, Oscar nods for Renee Zellweger and Ethan Hawke - oh please!
Nick,
USA
Why is there only one nomination for Shrek? It was a box office success and the critics loved it. Surely that meets all the necessary Academy criteria.
Carl Franklin,
UK
It's nice to see that 'In the Bedroom' has picked up so many acting awards, and the best picture nod. However it would be even better if I was able to see it, as it doesn't seem to have been released anywhere but London!
AP,
UK
I'm surprised that Nicole Kidman gets a nomination for Moulin Rouge and not The Others, a film that was totally her own. I just hope that Renee Zellweger doesn't win for Bridget Jones Diary. That was hardly a best actress nomination role, never mind a winner.
Ken Muir,
London, UK
If drivel like Titanic can clean up, beating the far superior (and cheaper) LA Confidential and The Full Monty, then Lord of the Rings certainly can and should. It would go a long way towards legitimising a branch of entertainment that is all too often dismissed by critics as being too lightweight.
Neil Halliday,
UK
I take exception to the blurb "Robert Altman's Gosford Park, Peter Jackson's The Lord of the Rings and Ron Howard's A Beautiful Mind lead the nominations"
Rubbish, Lord of the Rings is the runaway leader, only one short of the all time record number of nominations (14 currently held by Titanic and All About Eve). The other two are far behind Lord of the Rings.
Thinking back to when the films were first announced in September 1998, this would have been too much to hope for. A stunning vindication of Peter Jackson, his team and Tolkien and the fans who have kept the interest in the books alive for 45 years. Are you watching, Germaine Greer and the other literati snobs?
Tim McNulty,
Isle Of Man
There is no doubt in my mind that the Oscars have simply become a pat on the back for the makers of commercial blockbusters and have very little to do with awarding artistic excellence (the first precedent was awarding the "Best film" Oscar to that appallingly sentimental drivel called "Braveheart").
"Rings" is just an extension of this: 3 hours of tedium compounded by the hysteria of immature fanatics who actually believe it is a work of deep substance coupled to a well-greased marketing machine. My God...Does it mean we will have to go through all this again for the next two years?
Ricahrd Torné,
Spain
"Moulin Rouge" gets my vote for best film - sadly my vote doesn't count for anything of course, but it is just so breathtaking and much more unique and wonderful than "Lord of the Rings". I know "Amelie" will almost certainly walk away with best foreign language film, but why was such a breathtaking piece of movie-making not placed in the overall Best Film nominations?
Paul Hayes, UK
I think Lord of the Rings will clean up in the technical awards but won't get any of the more 'serious' awards (best actor, film etc.) which is a shame because as a piece of cinema alone it was probably the most stunning thing I saw on a screen last year. But what makes a great film? The characters? The story? The spectacle? Gladiator only had one of these three ingredients but for some reason was adored by the Academy. It all seems a bit random from year to year.
Ash, UK
I was delighted to see "The Lord of the Rings" ahead of the field in terms of nominations. It is a very brave movie and does wonderful justice to the book. Ian McKellen is particularly excellent as Gandalf. This movie is much more than an adolescent sword and sorcery adventure - it feels real and has passion and beauty. "The Lord of the Rings" is in a completely different league from the Harry Potter movie - as indeed Tolkien's work is from that of JK Rowling. I hope it does well at the Oscars.
Chris, UK
When it comes down to it, the Oscars are little more than Hollywood bigwigs patting each other on the back.
Mullholland Drive deserves nominations, certainly for best film and best direction
Josephine,
UK
I still cannot believe that Steven Spielberg's A.I. Artificial Intelligence only received one Oscar nomination and that was for Best Score.
Although the last 20 minutes of A.I. is too long and frankly overblown and too silly, the rest of the film makes up for it, as an intelligent question on humanity and machines.
Surely the incredible Haley Joel Osment should have received a Best Actor nomination, along with Steven Spielberg for Best Director and Bonnie Curtis, Kathleen Kennedy and Steven Spielberg for Best Picture.
Rehan Yousuf, Scotland, UK
Thrilled that Fellowship of the Ring has been recognised with so many nominations - regardless of opinion on the accuracy of the adaptation from the novel, it is undisputedly an absolute masterpiece of film-making. I particularly hope that Peter Jackson wins best director for filming all 3 films at once at such an incredibly high-quality (so far!) and that Sir Ian McKellen gets the nod for his humane and multifaceted interpretation of Gandalf.
Ross D Williams, UK