* E3 2006 Game Critics Awards: Best Original Game
* GameSpot Best and Worst of 2005: Best Voice Acting, Best Graphics (Artistic), Funniest Game, Best Game No One Played, Best Platformer. Nominated for Best Story and Best Original Music. Razputin was nominated for Best New Character.
* IGN 2005 Awards: Best Platformer, Best Game No One Played
* Razputin was placed #2 on the Game Informer "Top 10 Heroes of 2005" list.
* EuroGamer: Overall Game of the Year 2005
* PSM: Buy or Die award in issue #100, #5 on Top 10 Games of 2005 list, Best Characters
* Electronic Gaming Monthly 2005 Awards: Best Game No One Played
* PC PowerPlay: First full 10/10 score after the magazine's switch from the 100-point scoring system to its current 10-point scoring system
* PC Gamer magazine 2005 Awards: Best Game You Didn't Play, Editor's Choice Award
* GameShadow Innovation in Games Awards nominee (Best Game, Innovative Visual Effects, Best Narrative)
* G4's X-Play deemed Psychonauts the funniest game ever in their "Funniest @#%& Ever" episode and was voted #6 in the top ten games on the Xbox in the "Best of the Xbox" episode.
* British Academy Video Games Awards 2006: Best Screenplay
* Games magazine: 2006 Electronic Game of the Year
* 6th annual Game Developers Choice Awards: Best Writing, with Tim Schafer and Erik Wolpaw accepting