Masters of the Universe: Awards and nominations
| Year | Category | Subcategory | Info |
|---|---|---|---|
| 1988 | Academy of Science Fiction, Fantasy & Horror Films, USA | Winner Silver Scroll | Outstanding Achievement (Gary Goddard) |
| 1988 | Fantasporto | Winner International Fantasy Film Award | Best Special Effects |
| Year | Category | Subcategory | Info |
|---|---|---|---|
| 1988 | Academy of Science Fiction, Fantasy & Horror Films, USA | Nominee Saturn Award | Best Science Fiction Film |
| 1988 | Academy of Science Fiction, Fantasy & Horror Films, USA | Nominee Saturn Award | Best Costumes (Julie Weiss) |
| 1988 | Academy of Science Fiction, Fantasy & Horror Films, USA | Nominee Saturn Award | Best Special Effects (Richard Edlund) |
| 1988 | Fantasporto | Nominee International Fantasy Film Award | Best Film (Gary Goddard) |
| 1988 | Razzie Awards | Nominee Razzie Award | Worst Supporting Actor (Billy Barty) |