Elizabeth: The Golden Age star Cate Blanchett, will compete for the Best Actress crown with Marion Cotillard for La Vie En Rose, Julie Christie for Away From Her, Laura Linney for The Savages and Ellen Page for Juno.
Cate is a double nominee - her astonishing performance as Bob Dylan in I'm Not There is named in the Best Supporting Actress category.
There was disappointment for Keira Knightley, who missed out on a Best Actress nod, but veteran Julie Christie is shortlisted for her role as an Alzheimer's sufferer in Away From Her.
British film Atonement has scored seven Oscar nominations, including Best Picture.
Its 13-year-old star, Irish schoolgirl Saoirse Ronan, is in the running for the title of Best Supporting Actress.
Daniel Day-Lewis picked up a Best Actor nomination for There Will Be Blood.
Best Picture contenders include legal thriller Michael Clayton, No Country For Old Men, There Will Be Blood and Juno.
Heavyweight offerings There Will Be Blood and No Country For Old Men lead the pack with eight nominations each. Atonement's seven nominations are for Best Picture, Best Supporting Actress, Art Direction, Cinematography, Costume Design, Music and Adapted Screenplay.
Daniel will go head to head in the Best Actor stakes with Johnny Depp for Sweeney Todd: The Demon Barber Of Fleet Street, Tommy Lee Jones for In The Valley Of Elah, Viggo Mortensen for Eastern Promises and George Clooney for Michael Clayton, which has seven nominations in total.
