Streep, 62, the winner of two previous Academy Awards, has received critical acclaim for her role as the former British prime minister.
The Artist was, as expected, in the 2012 nominations for the Best Picture along with Hugo, The Descendants, The Help, Midnight in Paris, Moneyball, The Tree of Life, War Horse and Extremely Loud and Incredibly Close.
Martin Scorsese's Paris adventure Hugo leads the Academy Awards with 11 nominations, among them best picture and the latest director nod for the Oscar-winning filmmaker. Black and white silent film The Artist has 10 nominations, including best film, best actor for French star Jean Dujardin and supporting actress for Berenice Bejo. Wings, released in 1927 about First World War fighter pilots, was the first film, and the only silent film, to win the Academy Award for Best Picture.
War Horse, based on the National Theatre play inspired by Michael Morpurgo's novel, is up for six gongs, and is also among the movies vying for best film.
Cold War thriller Tinker Tailor Soldier Spy has been nominated for best adapted screenplay.
London-born film maker Lucy Walker was nominated for the best short subject documentary with Kira Carstensen for The Tsunami and the Cherry Blossom.
The film was made in Japan following the devastating tsunami which hit the country last year.
Also nominated in the same category was Saving Face which follows London-based surgeon Mohammad Ali Jawad as he treats the victims of acid attacks in Pakistan.
Dr Jawad also treated the former model Katie Piper who was left scarred after an acid attack in north London.
Nominations for the 84th Academy Awards were announced from 5.30am Pacific time (1.30pm in the UK) at the Samuel Goldwyn Theater in Beverly Hills. Academy of Motion Picture Arts and Sciences President Tom Sherak revealed the nominees along with Jennifer Lawrence, who received her own award last year for her role in Winter?s Bone.
The nominations for this year's Oscars are:
BEST DIRECTOR:
Alexander Payne - The Descendants
Michel Hazanavicius - The Artist
Martin Scorsese - Hugo
Woody Allen - Midnight in Paris
Terrence Malik - The Tree of Life
Owen Wilson (R) and French First Lady Carla Bruni Sarkozy in a scene of 'Midnight in Paris'.
BEST PICTURE (10 nominations):
Extremely Loud and Incredibly Close
In this film image released by Disney, Jeremy Irvine is shown in a scene from "War Horse."
BEST ACTRESS:
Glenn Close - Albert Nobbs
Viola Davis - The Help
Rooney Mara - The Girl with the Dragon Tattoo
Meryl Streep - The Iron Lady
Michelle Williams - My Week with Marylin
Rooney Mara is shown in a scene from "The Girl With The Dragon Tattoo."
BEST ACTOR:
George Clooney - The Descendants
Brad Pitt - Moneyball
Jean Dujardin - The Artist
Damian Bichir - A Better Life
Gary Oldman - Tinker Tailor Soldier Spy
George Clooney, left, and Shailene Woodley are shown in a scene from "The Descendants."
BEST SUPPORTING ACTOR:
Kenneth Branagh - My Week with Marylin
Jonah Hill - Moneyball
Nick Nolte - Warrior
Christopher Plummer - Beginners
Max von Sidow - Extremely Loud and Incredibly Close
Michelle Williams portrays Marilyn Monroe in a scene from "My Week with Marilyn." in a film that earned Kenneth Branagh, 51, a best supporting actor for his performance as Sir Laurence Olivier.
BEST SUPPORTING ACTRESS:
Octavia Spencer - The Help
Berenice Bejo - The Artist
Jessica Chastain - The Help
Melissa McCarthy - Bridesmaids
Janet McTeer - Albert Nobbs
Melissa McCarthy, Ellie Kemper, Rose Byrne, Wendi McLendon-Covey, Maya Rudolph and Kristen Wiig are shown in a scene from "Bridesmaids".
The 84th Academy Awards take place on Sunday 26 February at the Kodak Theatre, Hollywood. They will be presented by actor and comedian Billy Crystal. See the Telegraph's Oscar page for full information.
Peter Graves Joel Grey Robert Guillaume Buddy Hackett Halston
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