Both films are have been nominated for the prestigious Best Picture award, along with Black Panther, BlacKkKlansman, Bohemian Rhapsody, Green Book, A Star is Born, and Vice.
The success of Roma has surprised analysts, many of whom were expecting the Academy voters to hold a grudge against the Netflix-released film.
However, despite reaching audiences via the streaming service, the foreign language film saw Yalitza Aparicio and Marina De Tavira pick up nominations for leading actress and supporting actress, respectively.
Olivia Colman has scored her first ever Academy Award nomination for her leading role as the mischievous Queen Anne in The Favourite. The dark comedy also saw Rachel Weisz and Emma Stone land supporting actress nominations, while Yorgos Lanthimos managed a Best Director nod.
British actor Christian Bale scooped a nomination for his leading role as Dick Cheney in the biopic Vice. Meanwhile, Richard E Grant picked up his first Oscar nomination, for his role as the bombastic Jack Hock in Can You Ever Forgive Me?.
A Star is Born – the Bradley Cooper written, directed and starring musical about an alcoholic country star – has eight nominations, with Cooper and Gaga landing leading actor and actress nominations. Sam Elliott, whose name has recently been absent from the awards circuit, got a nod for supporting actor.
Vice jointly scored eight nominations, with Amy Adams and Sam Rockwell being named in supporting actress and actor categories. The film was the most-nominated film at the Golden Globes but has lost some momentum following mixed reviews from critics.
Marvel blockbuster Black Panther also astonished sceptics with seven nominations. The Chadwick Boseman-led film has been nominated for Best Picture – the first time a Marvel film has featured in the category.
Despite winning best comedy at the Globes, Green Book looks less likely to repeat the same success, with the controversial picture failing to nab a key nomination in the Best Director category for Peter Farrelly. It's possible the ongoing backlash against the Don Shirley biopic may have had some effect on its Oscar chances.
Conversely, Spike Lee was nominated for Best Director for the first time. His film, BlacKkKlansman, about a black police officer who infiltrates the KKK using an alias, also saw Adam Driver pick up a supporting actor nomination.
Bohemian Rhapsody, which won best drama film at the Globes, was nominated for three awards, with Rami Malek vying for best leading actor.
Kumail Nanjiani (The Big Sick) and Black-ish star Tracee Ellis Ross announced the nominations for the annual ceremony. The winner will be announced at the annual awards ceremony, which will take place on 24 February.
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