The 36-year-old has received a nod in the Best Supporting Actor category for his portrayal as a brutal slave owner in '12 Years a Slave'.
Also nominated in the category are Barkhad Abdi for 'Captain Phillips', Bradley Cooper for 'American Hustle', Jonah Hill for 'The Wolf of Wall Street' and Jared Leto for 'Dallas Buyers Club'.
Fassbender lost out to Leto at the Golden Globes last week, but movie critics still think that he could take home the Oscar for his latest collaboration with Steve McQueen.
While he stated he would not be actively campaigning for an Oscar after failing to get a nomination last year for his role in 'Shame', the Kerryman will no doubt be hoping to leave the ceremony held on March 2 with a golden statuette in hand.
His film '12 Years a Slave' claimed four nominations in total, including one for McQueen for Best Director.
'Philomena', the true story of Irish woman Philomena Lee's journey to find out what happened to her son Anthony after 50 years of keeping his existence a secret, has secured four nominations overall.
Directed by Stephen Frears and co-written by actor Steve Coogan, the film is based on the 2009 book by former BBC journalist Martin Sixsmith.
Shot in Northern Ireland, it begins with a teenage Lee giving birth to Anthony at a Catholic convent and subsequently working alongside other young mothers in a Magdalene laundry as her child is put up for adoption.
It will compete for Best Film alongside 'American Hustle', '12 Years a Slave' and 'The Wolf of Wall Street', among others, while Judi Dench has been given the nod for Best Actress for her moving portrayal as Lee. She will be up against Cate Blanchett, Sandra Bullock, Meryl Streep and Amy Adams.
It has also received nominations in the Best Adapted Screenplay and Best Score categories.
Less than a week after celebrating their Golden Globe victory, U2 have received their second ever Oscar nomination.
Bono and his bandmates are in contention to take home the Best Original Song Oscar, for their track 'Ordinary Love' in 'Mandela: Long walk to Freedom'.
Also shortlisted are 'Let It Go' from the film 'Frozen', 'Alone Yet Not Alone' from the movie of the same title, Pharrell Williams' track 'Happy' from 'Despicable Me 2' and 'The Moon Song', which features in 'Her'.
U2 were previously nominated in 2003 for their song 'The Hands That Built America', which featured in Martin Scorsese's 'Gangs of New York'.
The nominations for 2014's 86th Academy Awards were announced early yesterday morning at the Academy's Samuel Goldwyn Theater in Beverly Hills, by Academy president Cheryl Boone Isaacs and actor Chris Hemsworth, star of 'Rush' and 'Thor: The Dark World'.
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