Lane has received six Tony Award nominations and won three for his performances in "A Funny Thing Happened on the Way to the Forum" (1996), "The Producers" (2001) and "Angels in America" (2018). Lane has also won six Drama Desk Awards, six Outer Critics Circle awards, two Obies, the Lucille Lortel Award and the Olivier Award. He has also received two Golden Globe nominations, six Primetime Emmy nominations, a Screen Actors Guild Award, two Daytime Emmy Awards, and a People's Choice Award. In 2006, Lane received a star on the Hollywood Walk of Fame, and in 2008, he was inducted into the American Theater Hall of Fame. In 2010, "The New York Times" described Lane as "the greatest stage entertainer of the decade".