The critically-acclaimed film also helped del Toro win the Golden Globe for Best Director last night though it faces tough competition from Martin McDonagh's Golden Globe Best Picture winner "Three Billboards Outside Ebbing, Missouri", Joe Wright's "Darkest Hour" and Christopher Nolan's World War II drama "Dunkirk".
"The Shape of Water" landed Bafta nods for the Best Film and Best Director for del Toro, Best Actress for Sally Hawkins and Best Supporting Actress for Octavia Spencer.
"Three Billboards..." and "Darkest Hour" have nine nominations each. "Dunkirk" has also faired well with eight nods, including Best Film and Best Director for Nolan.
"Blade Runner 2049" may have bombed at the box office but it scored well at the Baftas with eight nods, including one for director Denis Villeneuve.
"I, Tonya", the biopic of disgraced figure skater Tonya Harding, was largely ignored at the Golden Globes but it earned five nominations.
Paul Thomas Anderson's costume drama "Phantom Thread" also earned five nominations, including the Best Actor nod for Daniel Day-Lewis, who has announced his retirement from acting.
Day-Lewis will face-off with Gary Oldman, this year's Golden Globe winner.
Other nominees in the category are, Jamie Bell ("Film Stars Don't Die In Liverpool"), Timothee Chalamet ("Call Me By Your Name") and Daniel Kaluuya ("Get Out"). Kaluuya has also made it to the list of EE Rising Star award.
Veteran actor Joanna Lumley has taken the charge from Stephen Fry to host the 71st EE British Academy Film Awards.
"Film Stars Don't Die in Liverpool", a drama about Hollywood star Gloria Grahame last days, earned three surprise nominations, including Bening's Best Actress and Bell's Best Actor nods.
Armando Iannucci's Soviet drama "The Death of Stalin" earned two nominations, for Best Adapted Screenplay and Outstanding British Film.
Steven Spielberg's newspaper drama "The Post", starring Meryl Streep and Tom Hanks, failed to garner a single nomination at the Baftas after being shut-out at the Golden Globes.
The awards will take place on February 18 at the Royal Albert Hall.
Disclaimer: No Business Standard Journalist was involved in creation of this content
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