Everything Everywhere, a science-fiction movie about an exasperated woman trying to finish her taxes, landed 11 nominations, including best picture and four acting nods.
Cate Blanchett was nominated for best actress for her portrayal of a manipulative orchestra conductor in Tar, as was Michelle Yeoh for her starring role in Everything Everywhere.
Acting nominees also included Austin Butler for his portrayal of rock legend Elvis Presley, and Colin Farrell, who starred as a farmer obsessed with restoring a friendship in Banshees.
Other films vying for best picture include Avatar: The Way of Water, James Cameron's sequel that currently ranks as the sixth-highest grossing movie of all time.
Top Gun: Maverick and Elvis, two of the northern hemisphere summer's biggest blockbusters, also made the cut alongside Steven Spielberg's coming-of-age film The Fabelmans, The Bansehees of Inisherin, Tar, Triangle of Sadness, Women Talking and All Quiet on the Western Front.
Winners of the industry's highest honours will be unveiled at a March 12 ceremony hosted by comedian Jimmy Kimmel and aired live on Walt Disney Co's ABC network.
The Oscars and other entertainment awards shows have been struggling to attract TV viewers, particularly younger ones who spend time on TikTok and YouTube.
Last year's Academy Awards show, when Will Smith slapped presenter Chris Rock before winning best actor, drew about 15.4 million TV viewers, the second-smallest audience ever.
Winners will be voted on by the roughly 10,000 actors, producers, directors and film craftspeople who make up the Academy of Motion Picture Arts and Sciences.
