| Award ceremony | Year | Category | Nominee / Work | Result |
| AACTA International Awards | 2024 | Best Supporting Actress | The Holdovers | Nominated |
| Academy Awards | 2024 | Best Supporting Actress | Won |
| AAFCA Awards | 2020 | Best Supporting Actress | Dolemite Is My Name | Won |
| Astra Film Awards | 2024 | Best Supporting Actress | The Holdovers | Won |
| Austin Film Critics Association | 2020 | Breakthrough Artist Award | Dolemite Is My Name | Nominated |
| Black Reel Awards | 2020 | Outstanding Supporting Actress | Won |
| Outstanding Breakthrough Performance | Won |
| 2022 | Outstanding Guest Actress, Comedy Series | Only Murders in the Building | Nominated |
| 2024 | Outstanding Supporting Performance | The Holdovers | Nominated |
| Boston Society of Film Critics | 2023 | Best Supporting Actress | Won |
| British Academy Film Awards | 2024 | Best Supporting Actress | Won |
| Celebration of Cinema & Television | 2023 | Supporting Actress Award (Film) | Won |
| Chicago Film Critics Association | 2023 | Best Supporting Actress | Won |
| Critics' Choice Awards | 2024 | Best Supporting Actress | Won |
| Best Acting Ensemble | Nominated |
| Dallas–Fort Worth Film Critics Association | 2023 | Best Supporting Actress | Won |
| Drama League Awards | 2012 | Distinguished Performance | Ghost: The Musical | Nominated |
| Florida Film Critics Circle | 2023 | Best Supporting Actress | The Holdovers | Nominated |
| Georgia Film Critics Association | 2024 | Best Supporting Actress | Won |
| Best Ensemble | Runner-up |
| Golden Globe Awards | 2024 | Best Supporting Actress – Motion Picture | Won |
| Gotham Awards | 2023 | Outstanding Supporting Performance | Nominated |
| Independent Spirit Awards | 2024 | Best Supporting Performance | Won |
| Kansas City Film Critics Circle | 2019 | Best Supporting Actress | Dolemite Is My Name | Won |
| London Film Critics' Circle | 2024 | Supporting Actress of the Year | The Holdovers | Won |
| Los Angeles Film Critics Association | 2023 | Best Supporting Performer | Won |
| NAACP Image Awards | 2020 | Outstanding Supporting Actress in a Motion Picture | Dolemite Is My Name | Nominated |
| 2024 | The Holdovers | Nominated |
| National Board of Review | 2023 | Best Supporting Actress | Won |
| New York Film Critics Circle | 2023 | Best Supporting Actress | Won |
| New York Film Critics Online | 2023 | Best Supporting Actress | Won |
| Outer Critics Circle Awards | 2012 | Outstanding Featured Actress in a Musical | Ghost: The Musical | Nominated |
| Palm Springs International Film Festival | 2024 | Breakthrough Performance Award | The Holdovers | Won |
| Primetime Emmy Awards | 2024 | Outstanding Guest Actress in a Comedy Series | Only Murders in the Building | Nominated |
| San Diego Film Critics Society | 2023 | Best Supporting Actress | The Holdovers | Runner-up |
| Best Ensemble | Won |
| Santa Barbara International Film Festival | 2024 | Virtuoso Award | Won |
| Satellite Awards | 2024 | Best Supporting Actress – Motion Picture | Won |
| Screen Actors Guild Awards | 2024 | Outstanding Performance by a Female Actor in a Supporting Role | Won |
| St. Louis Film Critics Association | 2023 | Best Supporting Actress | Won |
| Best Ensemble | Won |
| Tony Awards | 2012 | Best Featured Actress in a Musical | Ghost: The Musical | Nominated |
| Toronto Film Critics Association | 2023 | Best Supporting Performance | The Holdovers | Won |
| Washington D.C. Area Film Critics Association | 2023 | Best Supporting Actress | Won |
| Best Acting Ensemble | Nominated |