Cumberbatch, 45, is among the favourites to win best actor for his role in The Power of The Dog, but he faces stiff competition from other big names including Will Smith for his portrayal of the father of tennis stars Venus and Serena Williams in King Richard.
They pair are nominated alongside Andrew Garfield for his role in Netflix’s Tick, Tick… Boom!, Javier Bardem for Being The Ricardos and Denzel Washington for The Tragedy Of Macbeth.
Meanwhile, Colman has been shortlisted for best actress for her role as a mother reflecting on her past in The Lost Daughter, which is based on an Elena Ferrante novel of the same name.
She will have to beat off competition from the likes of Kristen Stewart for her performance as Diana, Princess of Wales in Spencer, Penelope Cruz for Parallel Mothers, Nicole Kidman for Being The Ricardos and frontrunner Jessica Chastain for The Eyes Of Tammy Faye.
Dame Judi and Ciaran Hinds are nominated for their performances in Sir Kenneth’s autobiographical film Belfast.
The black-and-white film, inspired by the actor’s childhood in Northern Ireland, has also landed nominations for best director and best original screenplay.
Belfast is also in the running for best picture and received seven nominations in total.
Dame Judi is nominated for the best supporting actress prize alongside Irish star Jessie Buckley for The Lost Daughter, Ariana DeBose for West Side Story, Aunjanue Ellis for King Richard, and Dunst for The Power Of The Dog.
The 94th Academy Awards will be held at the Dolby Theatre in Los Angeles on Sunday.
Beyonce and Billie Eilish will be part of the musical line-up following their nominations for best original song for their work on King Richard and No Time To Die.
The Oscars will air live in the very early hours of Monday morning on March 28 at 1am UK time.
The much-anticipated event will be hosted by Amy Schumer, Regina Hall and Wanda Sykes.
If you’re a Sky subscriber you can watch this year’s Oscars on two channels – Sky Showcase and Sky Cinema Oscars.