| Year | Award | Category | Work | Result | Ref. |
| 1993 | Logie Awards | Most Popular New Talent | E Street | Won | |
| 2000 | Australian Film Institute Awards | Best Performance by an Actor in a Leading Role in a Telefeature or Mini-Series | Secret Men's Business | Nominated | |
| 2002 | Golden Globe Awards | Best Performance by an Actor in a Television Series – Drama | The Guardian | Nominated | |
| 2004 | Logie Awards | Most Popular Overseas TV Star | Nominated | |
| 2005 | PRISM Awards | Performance in a Drama Series Storyline | Nominated | |
| 2009 | Primetime Emmy Awards | Outstanding Lead Actor in a Drama Series | The Mentalist | Nominated | |
| 2010 | Golden Globe Awards | Best Performance by an Actor in a Television Series – Drama | Nominated | |
| Screen Actors Guild Awards | Outstanding Performance by a Male Actor in a Drama Series | Nominated | |
| Australian Film Institute Awards | Best Actor | Nominated | |
| 2011 | People's Choice Awards | Favorite TV Crime Fighter | Nominated | |
| Gotham Awards | Best Ensemble Performance | Margin Call | Nominated | |
| 2012 | Independent Spirit Awards | Robert Altman Award | Won | |
| 2015 | People's Choice Awards | Favorite Crime Drama TV Actor | The Mentalist | Nominated | |
| 2017 | Australian Academy of Cinema and Television Arts Awards | Trailblazer Award | Honored | |
| 2018 | Australian Directors Guild Awards | Best Direction in a Feature Film | Breath | Won | |
| Seattle International Film Festival | Best Feature Film | Nominated | |
| Australian Academy of Cinema and Television Arts Awards | Best Supporting Actor | Won | |
| Best Adapted Screenplay (Shared with Gerard Lee and Tim Winton) | Nominated | |
| Best Direction | Nominated | |
| Best Film (Shared with Mark Johnson and Jamie Hilton) | Nominated | |
| 2019 | Australian Film Critics Association Awards | Best Supporting Actor | Nominated | |
| Best Screenplay (Shared with Gerard Lee) | Nominated | |
| Best Director | Nominated | |
| Film Critics Circle of Australia Awards | Best Supporting Actor | Won | |
| Best Script (Shared with Gerard Lee and Tim Winton) | Won | |
| Best Director | Nominated | |
| Best Film (Shared with Mark Johnson and Jamie Hilton) | Nominated | |
| 2021 | Australian Academy of Cinema and Television Arts Awards | Best Lead Actor in Film | High Ground | Nominated | |
| 2022 | Australian Academy of Cinema and Television Arts Awards | Best Supporting Actor in Film | Blaze | Nominated | |
| 2023 | Film Critics Circle of Australia Awards | Best Supporting Actor | Nominated | |
| 2024 | Australian Academy of Cinema and Television Arts Awards | Best Lead Actor in Film | Limbo | Nominated | |
| Film Critics Circle of Australia Awards | Best Actor | Nominated | |
| Logie Awards | Best Lead Actor in a Drama | Boy Swallows Universe | Nominated | |
| Asian Academy Creative Awards | Best Actor in a Supporting Role | Won | |
| 2025 | Australian Academy of Cinema and Television Arts Awards | Best Supporting Actor in a Drama | Nominated | |