- Ivor Novello Award Best Motion Picture Film soundtrack Jeff Lynne
- Grammy Awards
- Nominated: Best Pop Female Vocal Performance – Magic Olivia Newton-John
- Nominated: Best Major Motion Picture – Family Entertainment
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- 1st Golden Raspberry Award
- Won: Razzie Award for Worst Director (Robert Greenwald)
- Nominated: Worst Picture
- Nominated: Razzie Award for Worst Screenplay
- Nominated: Worst Actor (Michael Beck)
- Nominated: Worst Actress (Olivia Newton-John)
- Nominated: Razzie Award for Worst "Original" Song ("Suspended in Time")
- Nominated: Worst "Musical" of Our First 25 Years
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