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