O'Toole was nominated eight times for the Academy Award for Best Actor in a Leading Role, but was never able to win a competitive Oscar. In 2002, the Academy honored him with an Academy Honorary Award for his entire body of work and his lifelong contribution to film. O'Toole initially balked about accepting, and wrote the Academy a letter saying that he was "still in the game" and would like more time to "win the lovely bugger outright". The Academy informed him that they would bestow the award whether he wanted it or not.

He told Charlie Rose in January 2007 that his children admonished him, saying that it was the highest honor one could receive in the filmmaking industry. O'Toole agreed to appear at the ceremony and receive his Honorary Oscar. It was presented to him by Meryl Streep, who has the most Oscar nominations of any actor or actress (19). He joked with Robert Osborne, during an interview at Turner Classic Movie's film festival that he's the "Biggest Loser of All Time", due to his lack of an Academy Award, after many nominations.

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