The Kings Speech, a British drama about the stammering monarch King George VI, leads this year's Oscar nominations with 12 nods, while another period drama True Grit follows closely with 10 nominations.
Favourite The Social Network only managed the third spot with eight nominations, while Leonardo DiCaprio-starrer psychological thriller Inception got seven.
Colin Firth is nominated in the Best Actor category for The King's Speech and the film's director Tom Hooper has bagged a nomination in the Best Director category. Helena Bonham Carter is in the running for the Best Supporting Actress, while Geoffrey Rush won a nomination for the Best Supporting Actor for the same. The film is also nominated in the Art Direction, Cinematography, Costume Design, Editing, Original Screenplay and Original Score categories.
Besides The King's Speech, the Best Film category also includes The Social Network, The Fighter, Black Swan, Inception, The Kids Are All Right, 127 Hours, Toy Story 3, True Grit, and Winter's Bone.
Firth is facing competition from James Franco for 127 Hours, Jesse Eisenberg for The Social Network, Javier Bardem for Biutiful and last year's Best Actor winner Jeff Bridges for True Grit
The Best Actress in a Leading Role category nominations include Annette Bening for The Kids Are All Right, Natalie Portman for her role of a troubled ballerina Black Swan, Nicole Kidman for Rabbit Hole, Michelle Williams for Blue Valentine and newcomer Jennifer Lawrence for Winter's Bone.
The Best Director race is between David Fincher for The Social Network', Tom Hooper for The King's Speech.
Toy Story 3', How to Train Your Dragon and The Illusionist are battling it out for the Best Animated Film Oscar.
The 83rd Academy Awards, to be held at Hollywood's Kodak Theater on February 24, will be hosted by James Franco and Anne Hathaway, one of only a handful of times in Oscar history when a nominee will also host the ceremony.