"I am so honored to be a part of this incredible film," the actress said in a statement. "Thank you to the Hollywood Foreign Press Association and congratulations to Damien, Ryan, Justin and the rest of my 'La La Land' family.
The romantic musical is centered around a pair of aspiring performers who find love in Los Angeles.
"Manchester By The Sea" and "Moonlight" were nominated for best movie, drama, along with "Hacksaw Ridge," "Hell or High Water" and "Lion."
"Moonlight," a coming-of-age film about a young, gay black man, followed "La La Land" with six nominations, including a best director nomination for Barry Jenkins and best supporting acting nods for Naomie Harris and Mahershala Ali.
"Manchester By The Sea," a drama about a family grappling with tragedy, scored five nominations.
Casey Affleck, Joel Edgerton, Andrew Garfield, Viggo Mortensen and Denzel Washington will vie for best actor in a motion picture drama while Amy Adams, Jessica Chastain, Isabelle Huppert, Ruth Negga and Natalie Portman are competing for best actress in that category.
"Deadpool" surprised some by snagging multiple nominations including a nomination for best picture in the comedy/musical category, along with "La La Land," "20th Century Women, "Florence Foster Jenkins" and "Sing Street."
On the TV side the verdict is in for "The People v. O.J. Simpson: American Crime Story," which led with five nominations, including for best limited series or TV movie. It will compete against "American Crime," "The Dresser," "The Night Manager" and "The Night Of."
With its 14 nominations for such hit series as "Westworld" and "The Night Of," HBO fared the best among networks, followed by FX with nine.
Best TV series nods went to "The Crown," "Game of Thrones," Stranger Things, "This Is Us" and "Westworld."
"Atlanta," "Blackish," "Mozart In The Jungle," "Transparent" and "Veep" were nominated for best television series, musical or comedy.
Caitriona Balfe, Claire Foy, Keri Russell, Winona Ryder and Evan Rachel Wood scored nominations in the best actress in a TV series, drama, category.
There were some familiar names in the best actor for a TV series, drama, category: Rami Malek, Bob Odenkirk, Matthew Rhys, Liev Schreiber and Billy Bob Thornton.
Anthony Anderson, Gael Garcia Bernal, Donald Glover, Nick Nolte, and Jeffrey Tambor were nominated for best performance by an actor in a TV series, musical or comedy.
Rachel Bloom, Julia Louis-Dreyfus, Sarah Jessica Parker, Issa Rae, Gina Rodriguez, Tracy Ellis Ross will compete for best actress in a TV musical/comedy.
"Kubo and the Two Strings," "Moana," "My Life as a Zucchini," "Sing," and "Zootopia" were nominated for best animated feature film.
One winner has already been announced: Meryl Streep will be honored with the Cecil B. DeMille Award for lifetime achievement in the film industry.
"Meryl's enthralling body of work across a diverse set of genres has made her a role model over the past 40 years, and she will continue to do so for generations to come," Lorenzo Soria, the President of the HFPA, said of the eight-time Golden Globe winner.
"She is a trailblazer, having paved the way for women in television, film and stage. For shattering gender and age barriers, all with finesse and grace, the HFPA is humbled to bestow this honor upon her."
The awards are voted on by members of the Hollywood Foreign Press Association which is made up of journalists from around the world who cover the entertainment industry.
Jimmy Fallon will host the awards ceremony, which will air January 8 on NBC.