"Fashion" received several awards and nominations at ceremonies across India. At the 54th Filmfare Awards, the film received 7 nominations including Best Director and won 2 awards; Best Actress for Chopra and Best Supporting Actress for Ranaut. It also won Best Actress for Chopra and Best Supporting Actress for Ranaut at the 56th National Film Awards. Several publications listed "Fashion" as one of the "best women-centric films in Bollywood".