La La Land will be the one to beat at this year’s Oscars, having scored a record-equalling 14 nominations.
Ryan Gosling and Emma Stone are up for best actor and actress for their roles in the modern musical romance.
It is also one of nine films up for the best picture award.
Sci-fi film Arrival and coming-of-age drama Moonlight have eight nominations each, with the latter’s citations including a supporting actress nod for Britain’s Naomie Harris.
The actress, who plays Miss Moneypenny in the James Bond films, said she was “over the moon” and “couldn’t be more thrilled”.
“Moonlight is touching many hearts at a time when people are seeking compassion and connection in the world,” she continued in a statement.
Other British contenders include Dev Patel, up for best supporting actor for Lion, and musician Sting, nominated for best song.
Slumdog Millionaire star Patel told the BBC it felt “amazing” to receive his first Oscar nomination.
La La Land’s 14 nominations puts it on the same footing as All About Eve and Titanic, which both received 14 nominations in 1951 and 1998 respectively.
It is now the most nominated musical in Oscar history, having topped the 13 nods that Mary Poppins and Chicago received.
Damien Chazelle is nominated both for his direction and original screenplay, while his film has two nominations in the best song category.
The film, which received 11 Bafta nominations earlier this month, gets additional nods for its score, editing and cinematography.
It is also shortlisted for its costume and production design and for its sound editing and mixing.
Yet its double best song nomination means it is unlikely to pull off a clean sweep – unless, that is, there is a tie in that category.
Ben-Hur, Titanic and the third Lord of the Rings film share the record for Oscar wins, having each won 11 awards.
Fences, Hacksaw Ridge, Hell or High Water, Hidden Figures, Lion and Manchester by the Sea join Arrival, La La Land and Moonlight on the best picture shortlist.
Britain’s Andrew Garfield is nominated alongside Gosling in the best actor category for his role in war drama Hacksaw Ridge.
Casey Affleck, Viggo Mortensen and Denzel Washington are also shortlisted for Manchester by the Sea, Captain Fantastic and Fences respectively.
Meryl Streep gets her 20th Oscar nomination, in the best actress category, for her role in Florence Foster Jenkins.
Image captionIn Moonlight, Mahershala Ali plays a drug dealer who takes a young boy under his wing
Natalie Portman, Ruth Negga and France’s Isabelle Huppert are also in contention for their roles in Jackie, Loving and Elle.
In a statement, Emma Stone said she was “so grateful” for her best actress nomination and “overjoyed” La La Land had “connected with audiences”.
“The greatest part of life is connecting with people, and I love the deeply talented, kind and passionate people I was lucky enough to work with on this movie.”
Harris is joined in the supporting actress category by Fences star Viola Davis and Manchester by the Sea’s Michelle Williams.
Williams said making the film was “incredibly rewarding” and that it was “truly an honour to be included among such amazing women”.