Guerra was nominated for three co-writing Oscars ("Amarcord," "Blow-Up," "Casanova 70"), won best screenplay at Cannes in 1984 for "Voyage to Cythera," and has been honored at the Venice Film Festival (Pietro Bianchi Award, 1994) and Italy's David di Donatello Awards ("Career David" Lifetime Achievement award, 2010).
The Writers Guild of America West gave Guerra its Jean Renoir Award in 2011 for Screenwriting Achievement by an international writer. At the time of the announcement, the WGA's Howard Rodman stated:
“By any standard one of the great writers of our times. His medium is the screenplay...Guerra's work is the brave and moral thread that runs through the fabric of modernist cinema. He is a breathtaking poet, a generous collaborator, and is possessed of the largest heart."