The movie that also topped this year's Golden Globes nominations has other nods-- Rooney Mara for the best supporting actress, Todd Hynes for the best director and Phyllis Nagy for the adapted screenplay.
The film is based on the novel "The Price of Salt" by Patricia Highsmith.
The other two frontrunners are Tom Hanks-starrer historical drama-thriller "Bridge of Spies" and "The Big Short", which garnered four nominations apiece, including the best film.
Steven Spielberg is nominated in the best director category for "Bridge of Spies" and besides Hynes, he will also face competition from last year's Academy-winning director Alejandro G Inarritu ('The Revenant'), Adam McKay ('The Big Short') and Ridley Scott ('The Martian').
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Also nominated in the best movie category are Leonardo DiCaprio's "The Revenant" and "Spotlight".
DiCaprio will fight it out with 2015 Oscar-winner Eddie Redmayne ('The Danish Girl'), Michael Fassbender ('Steve Jobs'), Matt Damon ('The Martian') and Bryan Cranston ('Trumbo').
Besides Blanchett, nominations for the best actress include Brie Larson ('Room'), Alicia Vikander ('The Danish Girl'), Saoirse Ronan ('Brooklyn') and Maggie Smith ('Lady in the Van').
Best supporting actor nominations include Benicio Del Toro ('Sicario'), Christian Bale ('The Big Short'), Idris Elba ('Beasts of No Nation') and Mark Ruffalo ('Spotlight').
"Amy" is also nominated in the best documentary category, whose other contenders are "Cartel Land", "He named me Malala" "Listen to me Marlon" and "Sherpa".
"Inside Out", "Minions" and "Shaun the Sheep" form the nominations for the best animated film award.
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Key British films such as "Brooklyn" trail with six nods, while "The Danish Girl" and "Ex-Machina" both have five.
Nominations for the best film not in the English language are "The Assassin", "Force Majeure", "Theeb", "Timbuktu" and "Wild Tales".
Besides "Bridge of Spies", other films in the best editing category are "The Big Short", "Mad Max: Fury Road", "The Martian" and "The Revenant".
Nods for production design include "Carol", "Mad Max: Fury Road", "The Martian" and "Star Wars: The Force Awakens".
The best costume design nominations are "Brooklyn", "Carol", "Cinderella", "The Danish Girl" and "Mad Max: Fury Road - Jenny Beavan".
Best sound nomination include "Bridge Of Spies", "Mad Max: Fury Road", "The Martian", "The Revenant" and "Star Wars: The Force Awakens".
"Ant-Man" has a lone nomination in special visual effects category. Others in the race are "Ex Machina", "Mad Max: Fury Road", "The Martian", "Star Wars: The Force Awakens".