Which Peter Jackson film was nominated for the Best Picture Oscar but did not win?

The Peter Jackson film nominated for the Best Picture Oscar but did not win was The Fellowship of the Ring.

The film received 13 nominations at the 74th Academy Awards, including Best Picture for producers Peter Jackson, Barrie M. Osborne and Fran Walsh. It won four Oscars: Best Cinematography, Best Makeup, Best Original Score and Best Visual Effects.

The Best Picture prize went to A Beautiful Mind. The Fellowship of the Ring was therefore a nominee, not a winner, despite its strong performance in technical categories. Its two sequels followed a different Oscar path: The Two Towers earned six nominations, while The Return of the King won Best Picture and every other category in which it was nominated.

A common mix-up is treating the entire trilogy's Oscar success as though each film won the top prize. In fact, The Return of the King was the trilogy's only Best Picture winner, while The Fellowship of the Ring remains notable for receiving the most nominations at its ceremony.