Academy Award
- Best Original Song, 1987 (Won)
Golden Globe Awards, 1988
- Best Original Song (Won)
- Best Motion Picture – Comedy/Musical (Nominated)
- Best Performance by an Actor in a Motion Picture – Comedy/Musical (Nominated)
- Best Performance by an Actress in a Motion Picture – Comedy/Musical (Nominated)
Grammy Awards, 1988
- Best Pop Performance by a Duo (Won)
- Best Song written for a Motion Picture, Television or Other Visual Media (Nominated)
Three installments of the American Film Institute’s AFI 100 Years… series:
- 2002, AFI’s 100 Years… 100 Passions, #93
- 2004, AFI’s 100 Years… 100 Songs, #86 with the Academy Award-winning song “(I’ve Had) The Time of My Life”
- 2005, AFI’s 100 Years… 100 Movie Quotes, #98 for Johnny’s famous line “Nobody puts Baby in a corner”
