"The Hole" was entered into the 1998 Cannes Film Festival. It was nominated for the Palme d'Or award and won the FIPRESCI Prize (competition) "for its daring combination of realism and apocalyptic vision, desperation and joy, austerity and glamour." The film won the Gold Hugo for best feature at the 1998 Chicago International Film Festival. It also won three Silver Screen Awards at the 1999 Singapore International Film Festival - for best Asian feature film, best Asian feature film director (Tsai Ming-liang), and best actress (Yang Kuei-mei).