Both films were nominated in the Best Picture category, along with War Horse, Moneyball, Tree of Life, Midnight in Paris, The Help, The Descendants and Extremely Loud and Incredibly Close.
The Artist received ten nominations, with five in major categories, while Hugo topped the list of nominations overall with 11.
The nominations were disappointing for British talent, however, with recognition in just three major categories.
Gary Oldman was recognised for his role in Tinker, Tailor, Soldier, Spy; with Janet McTeer up for best actress in a supporting role in Albert Nobbs and Kenneth Branagh was also given a nod for his supporting role in My Week With Marilyn.
Best film nominee Hugo also boasts a Brit-heavy cast - including Jude Law - while Extremely Loud and Incredibly Close, nominated for Best Picture and Supporting Actor, was directed by Brit Stephen Daldry.
Meryl Streep received her seventeenth Oscar nomination for her role as Margaret Thatcher in The Iron Lady.
She will be up against Glenn Close, Viola Davis, Rooney Mara and Michelle Williams for the Best Actress gong.
Along with Gary Oldman, the Best Actor category featured Jean Dujardin for his role in The Artist, Demian Bichir, Brad Pitt and George Clooney.
The ceremony was presented by actress Jennifer Lawrence and the Academy of Motion Picture Arts and Sciences President Tom Sherak, but final awards will not be announced until February 26.
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