Ryan Gosling and Emma Stone are up for best actor and actress for their roles in the modern musical romance.
It is also one of nine films up for the best picture award.
It is now the most nominated musical in Oscar history, having topped the 13 nods that Mary Poppins and Chicago received.
Ben-Hur, Titanic and the third Lord of the Rings film share the record for Oscar wins, having each won 11 awards.
Sci-fi film Arrival and coming-of-age drama Moonlight have eight nominations each, with the latter's citations including a supporting actress nod for Britain's Naomie Harris.
Earlier this month, La La Land also broke the record for the most Golden Globe Awards, winning seven prizes.
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