Eddie Redmayne has been nominated for a BAFTA award for the second year in a row after winning plaudits for his role in The Danish Girl.
Stephen Fry and actress Gugu Mbatha-Raw announced the shortlist for the prizes at BAFTA's headquarters in London.
The British star, who won a BAFTA and Oscar last year for The Theory Of Everything, will face Leonardo DiCaprio in the best actor category.
DiCaprio, who stars in The Revenant, has been nominated for a BAFTA three times but has never won.
The only other actor to win two years in a row is Colin Firth for A Single Man in 2009 and The King's Speech in 2010.
Bryan Cranston (Trumbo), Matt Damon (The Martian) and Michael Fassbender (Steve Jobs) are also named in the best actor category.
In the best actress category The Lady In The Van star Dame Maggie Smith will face a hotly-tipped Cate Blanchett, who stars in Carol.
Redmayne's co-star Alicia Vikander is also up for best actress with Saoirse Ronan (Brooklyn) and Brie Larson (Room) completing the shortlist.
Vikander received two BAFTA nominations after also being recognised in the supporting actress category for her role in Ex Machina.
She said she was "truly honoured" to be nominated.
"The Danish Girl and Ex Machina have been such gifts of projects for me," said Vikander.
"The fact that both of these projects were driven from the UK, with a predominantly British cast and crew and that both these films have been so generously recognised by BAFTA today, makes this even more poignant for me."
British actresses Kate Winslet (Steve Jobs) and Julie Walters (Brooklyn) are also nominated alongside Jennifer Jason Leigh (The Hateful Eight) and Rooney Mara (Carol).
There is a good showing of British talent in the supporting actor category too with Mark Rylance (Bridge Of Spies) and Idris Elba (Beasts Of No Nation) being named.
They face competition from Benicio del Toro (Sicario), Christian Bale (The Big Short) and Mark Ruffalo (Spotlight).
Carol, directed by Todd Haynes, and Steven Spielberg's Bridge Of Spies lead the way with nine nominations each.
English director Sir Ridley Scott, who has never won a BAFTA for best direction, is a contender for his film The Martian.
He will be up against Spielberg (Bridge Of Spies), Adam McKay (The Big Short), Haynes (Carol) and Alejandro G Inarritu (The Revenant).
Amy, The Lobster, Ex Machina, The Danish Girl, 45 Years and Brooklyn are all on the shortlist for outstanding British film.
Bridge Of Spies, Carol, The Revenant, Spotlight and The Big Short will fight it out for best film.
Star Wars: The Force Awakens has been nominated in four categories.
The Rising Star Award nominees have already been announced, including Star Wars actor John Boyega and 50 Shades Of Grey's Dakota Johnson.
The BAFTA awards will be handed out on 14 February at the Royal Opera House in Covent Garden.