Leading the Oscar nominations are Gravity and American Hustle with 10 nominations each followed by 12 Years a Slave and Wolf of Wall Street bagging nods in several categories.
In the best picture category not surprisingly the 4 previously mentioned films plus Spike Jonze's Her starring Joquin Phoenix as a man who falls in love with his digital personal assistant.
Also making the list are Somali pirate film Captain Philips, Dallas Buyers Club, Nebraska, and Judi Dench's Philomena.
Director nods went to Alfonso Cuaron for Gravity, David O Russell for American Hustle, and Martin Scorsese for Wolf of Wall Street.
This is an important nomination for Scorsese as he has yet to win an Academy Award despite his extensive filmography of Oscar contending films.
Will this finally be his year?
Leonardo DiCaprio picks up a best actor nod for his role in Wolf of Wall Street as does Bruce Dern for Nebraska and Christian Bale for American Hustle.
Matthew McConaughey has made the list too for Dallas Buyers Club.
In the best actress category, Sandra Bullock holds a spot for Gravity along with Amy Adams for American Hustle, Cate Blanchet for Blue Jasmine, and Judi Dench for Philomena.
Meryl Streep is in the running again as well for August: Osage County.
For best supporting actress we have Jennifer Lawrence who won best actress last year. Also Lupita Nyong'o, Julia Roberts, June Squibb, and Sally Hawkins.
Supporting actor nominations for funnyman Jonah Hill, Jared Leto, Michael Fassbender, Barkhad Abdi, and Bradley Cooper.
Barkhad Abdi appeared as a Somali pirate in Captain Philips his first acting role.
"People should understand why these people do what they do and what are their desperations and motivations, to become a pirate, you know. I'm really, really, you know, humbled and honored, to be nominated for the Oscar you know."
Though missing out on the best foreign film category Wong Kar Wai's film The Grandmaster has received two nominations for cinematography and costume design, which is nothing to be ashamed of considering the caliber of the other nominations in those categories.
Also up for cinematography is not surprisingly Gravity, Coen-brothers' Inside Llewyn Davis, Nebraska, and Prisoners.
For costume design the Grandmaster will compete against the Great Gatsby, American Hustle, and 12 Years a Slave.
For original screenplay we have American Hustle, Woody Allen's Blue Jasmine, Dallas Buyers Club, Nebraska, and Spike Jonze's offbeat Her.
Visual effects goes to Gravity, the Hobbit: the Desolation of Smaug, Iron Man 3, the Lone Ranger, and Star Trek: Into Darkness.
Gravity's special effects supervisor, Neil Corbould, opened up about the difficulty of achieving Gravity's effects.
"When I first started it was just one of those movies that was such a challenge right from day one, you really couldn't think about anything else, about how you are gonna get this movie made. No, it took a long, long time before you realized, when before I realized, that it was gonna be a special movie."
It was surprised to see Hunger Games: Catching Fire did not receive nominations for neither sound mixing nor sound editing.
So who was snubbed this year?
Well, two men who are no strangers to the award, the Coen brothers, do not appear in any major categories with their film Inside Llewyn Davis.
Oscar winning Tom Hanks has also been looked over for his lead role in Captain Philips as has Joaquin Phoenix for Her.
The Nelson Mandela biopic Mandela: Long Walk to Freedom has only received one nomination for best original song performed by U2.
For best original score Arcade Fire and Owen Pallet have received a nomination for their collaboration on Her.
The winners of the 86th annual Academy Awards will be announced on March 2nd.