The Social Network has garnered eight Oscar nominations, including four of the major awards in the 2011 Academy Awards.
Charting Facebook's rise and rise, the film is up for Best Picture, with David Fincher in the running for Best Director.
Jesse Eisenberg, who plays Facebook CEO Mark Zuckerberg in the film, will be fighting it out for Best Actor and Aaron Sorkin also gets a nod for Best Adapted Screenplay.
It's not quite a clean sweep for the Facebook movie though; hardly surprising given the absence of any strong female character to feature in the Best Actress category.
Its other Academy Award nominations include Best Cinematography, Best Editing and Best Soundmixing, as well as Trent Reznor's soundtrack getting a nomination for Best Score.
The Oscar nominations come as little surprise after The Social Network won three of the major prizes at this year's Golden Globes.
The Social Network faces some stiff competition in each of the major categories though; can the Facebook movie triumph over the likes of Black Swan, True Grit and Toy Story 3?