Colin Firth is up for best actor for his role as stammering King George VI.
Helena Bonham Carter is nominated for best supporting actress for her role as Queen Elizabeth in the film, set in Britain on the cusp of the Second World War.
Film-maker Tom Hooper has been nominated for best director.
Welsh-born Christian Bale is up for best supporting actor for his role as a boxer-turned-crack addict in boxing movie The Fighter.
The King's Speech has a total of 12 nominations - more than any other film nominated for the 83rd Academy Awards.
British director Mike Leigh has a nomination for original screenplay for Another Year.
Danny Boyle and Simon Beaufoy are up for adapted screenplay for rock-climbing film 127 Hours.
In other categories, graffiti artist Banksy is up for best documentary feature for his debut Exit Through The Gift Shop.
British filmmaker Christopher Nolan has a nomination for best original screenplay - for which The King's Speech is also nominated - for box office blockbuster Inception. Nolan missed out on best director, for which he had been widely tipped, but Inception is up for best film alongside The King's Speech and 127 Hours.