Talley's Folly has been nominated for several awards. These include Best Play at the New York Drama Critics Circle Awards, Outstanding Director of a Play at the Drama Desk Awards for Marshall W. Mason, Outstanding Lighting Design at the Drama Desk Awards for Dennis Parichy, Outstanding Play at the Drama Desk Awards for Lanford Wilson, Outstanding Set Design at the Drama Desk Awards for John Lee Beatty, Best Set Design at the Outer Critics Circle Awards for John Lee Beatty, Lighting Design at The Hewes Awards for Dennis Parichy, and The Pulitzer Prize for Drama for Lanford Wilson.