McKellen received two Academy Award nominations, his first for Best Actor for his portrayal as James Whale in the period drama Gods and Monsters (1998) with his second nomination being for Best Supporting Actor for his performance as Gandalf the Grey in Peter Jackson's fantasy epic Lord of the Rings: The Fellowship of the Ring (2001).

For his work on television, he won the Golden Globe Award as well as a nomination for the Primetime Emmy Award for Best Supporting Actor in a Miniseries or Movie for his portrayal of Tsar Nicholas II in the HBO film Rasputin: Dark Servant of Destiny (1996).

He was Emmy-nominated for his roles in gay rights activist Bill Kraus in the HBO film And the Band Played On (1993), a fictionalized version of himself in the HBO comedy series Extras (2006), the title role in the PBS film King Lear (2008), and Number 2 / Curtis in AMC miniseries The Prisoner (2009).

On stage, McKellen has received two Tony Award nominations winning for Best Leading Actor in a Play for his portrayal of Antonio Salieri in the Broadway production of Amadeus in 1981.

For his work on the West End stage in London, he received twelve Laurence Olivier Awards nominations, winning six times for his performances in Henrik Ibsen's The Pillars of Society (1977), Ben Jonson's The Alchemist (1978), Martin Sherman's Bent (1979), Michael Frayn's Wild Honey (1984), and William Shakespeare's Richard III (1991).