Already a three-time Oscar-winner, Streep, has been nominated in the best actress category for her role as a tone-deaf opera singer alongside Ruth Negga for "Loving", Isabelle Huppert for "Elle", Natalie Portman for "Jackie" and Emma Stone for "La La Land".
The 67-year-old star received her first Academy Award nomination for "The Deer Hunter" in 1979 in the best supporting actress category, which she lost out to Maggie Smith for her film "California Suite".
This nomination comes after Streep's fiery, politically-charged Golden Globes speech against US President Donald Trump.
Streep, an ardent supporter of Trump's rival Hillary Clinton, took the President down in her scathing acceptance speech, without naming him and cautioned against powerful people using their position to "bully others".
The actress was described as "over-rated" by Trump.
"Meryl Streep, one of the most overrated actresses in Hollywood, doesn't know me but attacked last night at the Golden Globes. She is a Hillary flunky who lost big.