Created by James Griffin (Sione's Wedding, Serial Killers) and Rachel Lang (Maddigan's Quest, Mercy Peak), Outrageous Fortune won eight awards at the 2008 Qantas Film and Television Awards including Best Drama Programme, Performance by an Actress in General Television (Robyn Malcolm), Performance by an Actor in General Television (Antony Starr), Performance by a Supporting Actress in General Television (Antonia Prebble), Performance by a Supporting Actor in General Television (Tammy Davis), Best Script – Drama/Comedy Programme (Rachel Lang), Sony Achievement in Directing Drama/Comedy Programme (Mark Beesley) and Achievement in Editing Comedy/Drama Programme (Bryan Shaw).

In 2007 Outrageous Fortune won five awards at the 2007 Qantas Television Awards including Best Drama, Best Actress in a TV Drama (Robyn Malcolm), Best Actor in a TV Drama (Antony Starr), Best Script and Best Editing.

It also won six awards at the 2007 Air NZ Screen Awards including Best Drama, Performance by an Actress (Robyn Malcolm), Performance by an Actor (Antony Starr), Performance by a Supporting Actor (Frank Whitten), Best Script (James Griffin) and Achievement in Directing a Drama/Comedy Programme (Simon Bennett).

Outrageous Fortune was also named Best Drama in the 2007 TV Guide Best on the Box People's Choice Awards for the third year running. In 2006, the show also won Best Drama at the Air New Zealand Screen Awards.

In 2005, Outrageous Fortune won six awards at the Qantas TV Awards, including Best Drama Series; Best Actress (Robyn Malcolm as Cheryl West) and Best Actor (Antony Starr as Jethro and Van West).