The 46-year-old Australian actress has been tipped for Oscars glory following her performance as a 1950s housewife who falls in love with a younger woman, played by Rooney Mara, reported The Wrap.
After it was announced she had won the Desert Palm Achievement Award - Actress at the ceremony, Blanchett threw her hands up and danced on stage with jubilation as she accepted the statuette from fellow actress Saoirse Ronan.
Other big winners at the gala, held at the California Convention Centre, included Johnny Depp, who won an award for his role as gangster Whitey Bulger in "Black Mass".
Steve Carell and Christian Bale were among the stars collecting the award for best ensemble cast for "The Big Short", while Bryan Cranston was given the Spotlight Award by Helen Mirren for his star turn in "Trumbo".
Michael Fassbender was presented with the International Star Award - Actor by his Steve Jobs co-star Kate Winslet, and the actor thanked her, writer Aaron Sorkin, director Danny Boyle, and studio Universal, saying, "I believe you have a movie that will stand the test of time. Unfortunate about the box office figures, but, thank god for Jurassic World."
He said, "What he's given to cinema, it's not an accident. He's just a master director. I was shocked to find out... But I thought that he already had an Academy Award because he directed a best picture. And so, the bottom line is, he's given more than enough to cinema, so I hope that this is his year."
The evening's other honourees included Ronan, who won the International Star Award - Actress for her role in "Brooklyn", Rooney Mara, who received a Spotlight Award for "Carol", Brie Larson, who was honoured with the Breakthrough Performance Award for her star turn in "Room", and Alicia Vikander, who received the Rising Star Award for "The Danish Girl".
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