Twilight, based on the book by Stephenie Meyer, will compete for prizes including Best Movie, Best Female Performance for Kristen Stewart, and Breakthrough Performance Male for both Robert Pattinson and Taylor Lautner.
Slumdog Millionaire stars Freida Pinto and Dev Patel are also up for the Breakthrough Performance accolades, while the film will go up against Twilight, The Dark Knight, Iron Man and High School Musical 3: Senior Year in the Best Movie category.
Meanwhile, Anne Hathaway (Bride Wars), Angelina Jolie (Wanted) and Kate Winslet (The Reader) join Stewart in the Best Female Performance line-up, and Zac Efron (High School Musical 3), Shia LaBeouf (Eagle Eye) and Robert Downey, Jr. (Tropic Thunder) will fight it out for the Best Male Performance title.
Miley Cyrus (Hannah Montana: The Movie) and Vanessa Hudgens (High School Musical 3) will go head-to-head for the Breakthrough Performance Female award, while Cyrus is also nominated for Best Song From a Movie for Hannah Montana.
Mark Burnett, who produces the freewheeling ceremony, said either film has a great chance of winning best picture. “Twilight has certainly touched a part of America and young girls are totally in love with what the movie stands for and (with) romance," Burnett said. "On the other hand, I have to say, all of my kids loved Slumdog Millionaire. There's just something so uplifting about what that movie stands for," he added.