Cate Blanchett was nominated for her critically acclaimed role in lesbian love story, but lost out in the Best Actress category to Brie Larson for her role in Room.
The film also missed out after being nominated for the Best Film gong, which went to The Revenant.
Todd Haynes also missed out as best Director, which went to Alejandro G. Iñárritu, for The Revenant.
Meanwhile, Rooney Mara lost out on the Best Supporting Actress award, to Kate Winslett for her performance in Steve Jobs.
Carol lost out in the Production Design, Make up and Hair, Cinematography, Best Adapted Screenplay and Costume Design categories.
Based on the Patricia Highsmith novel The Price of Salt, the film follows Mara and Blanchett’s characters’ relationship. The film shows that the women must make sacrifices in order to be together.
The film has been critically acclaimed, but earlier this month, the ABC network said it would not run a trailer for the film Carol during the Superbowl unless a lesbian love scene was edited out.