The movie adaptation of Tracy Letts' play about a dysfunctional family's reunion was named Film of the Year, while Streep picked up the Best Actress trophy and the cast won the Best Ensemble prize, the Hollywood Reporter said.
Streep's co-star Chris Cooper also picked up the festival's Lifetime Achievement Award.
Officials at the festival, staged on the island of Capri, have a history of picking the Best Film Oscar winner.
Other winners at the festival included Idris Elba, who was named Best Actor for 'Mandela: Long Walk to Freedom', and his co-star Naomie Harris (Best Supporting Actress); U2's 'Ordinary Love', from the film's soundtrack, which was selected as Best Song; 'Saving Mr Banks' (Audience Award); 'The Great Beauty' (Visionary Movie Award); Valeria Golino (European Actress of the Year), and Emily Ratajkowski (Rising Star).
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