| 2007 | Awarded | Harvard Foundation's Artist of the Year Award | For his work as an activist and humanitarian |
| 2006 | Awarded | 2006 Black Movie Awards | Excellence in the Arts Award |
| 2006 | Won | 2006 Black Movie Awards | Outstanding Performance by an Actor in a Supporting Role for: Akeelah and The Bee |
| 2000 | Won | Blockbuster Entertainment Award | Favorite Supporting Actor - Action/Science-Fiction for: The Matrix |
| 2000 | Won | Chicago International Film Festival | Career Achievement Award |
| 2000 | Nominated | Image Award | Outstanding Actor in a Motion Picture for: The Matrix |
| 2000 | Won | MTV Movie Award | Best Fight for: The Matrix |
| 2000 | Nominated | MTV Movie Award | Best on-Screen Duo for: The Matrix |
| 2000 | Nominated | Saturn Award | Best Supporting Actor for: The Matrix |
| 1999 | Nominated | Golden Satelllite Award | Best Performance by an Actor in a Mini-Series or Motion Picture Made for Television for: Always Outnumbered |
| 1999 | Nominated | Image Award | Outstanding Lead Actor in a Television Movie or Mini-Series for: Always Outnumbered |
| 1998 | Nominated | Black Film Award | Best Actor: Hoodlum |
| 1998 | Won | Image Award | Outstanding Lead Actor in a Television Movie or Mini-Series for: Miss Evers' Boys |
| 1998 | Won | PGA Golden Laurel Award | Television Producer of the Year for: Miss Evers’ Boys |
| 1997 | Won | Emmy Award |
Outstanding Made for Television Movie (Producer) for: Miss Evers' Boys Shared with: Robert Benedetti (executive producer) Kern Konwiser (co-producer) Peter Stelzer (co-producer) Derek Kavanagh (producer) Kip Konwiser (producer) |
| 1997 | Nominated | Emmy Award | Outstanding Lead Actor in a Miniseries for: Miss Evers’ Boys |
| 1996 | Won | Image Award | Outstanding Actor in a Television Movie, Mini-Series for: The Tuskegee Airmen |
| 1996 | Won | Image Award | Outstanding Supporting Actor in a Motion Picture for: Higher Learning |
| 1996 | Nominated | Image Award | Outstanding Lead Actor in a Motion Picture for: Othello |
| 1996 | Nominated | Screen Actors Guild Award | Outstanding Performance by a Male Actor in a TV Movie or Miniseries for: The Tuskegee Airmen |
| 1994 | Nominated | Oscar | Best Actor in a Leading Role for: What's Love Got to Do with It |
| 1993 | Nominated | Independent Spirit Awards | Best Male Lead for: Deep Cover |
| 1993 | Won | Emmy Award | Guest actor, drama series for: Tribeca |
| 1992 | Won | Tony Award | Best Actor in a Featured Role for: Two Trains Running |