Damien Chazelle’s film, which is being tipped as a favourite for Oscar success, is up for seven honours including nods for stars Ryan Gosling and Emma Stone.
Coming-of age drama Moonlight earned six nominations, with Briton Naomie Harris up for best supporting actress for her performance as a crack-addict in the film.
Hugh Grant is nominated for best actor in a musical or comedy film for Florence Foster Jenkins, while Dev Patel and Aaron Taylor Johnson will compete for best supporting actor for their roles in Lion and Nocturnal Animals respectively.
Lily Collins - the daughter of musician Phil Collins - is nominated for best actress in a musical or comedy for her performance in Warren Beatty’s Rules Don’t Apply.
Meanwhile, Andrew Garfield is nominated for best actor in a film drama for his portrayal of conscientious objector Desmond Doss in Mel Gibson’s Hacksaw Ridge.
Gibson received a best director nomination for the Second World War drama, which marked his return to directing for the first time in 10 years following his controversial anti-Semitic rant in 2006.
In the television categories, BBC show The Night Manager scored four nominations including best limited series and nods for stars Tom Hiddleston, Olivia Colman and Hugh Laurie.
Hiddleston will compete for best actor in a limited series along with fellow Briton Riz Ahmed, who is nominated for his role in The Night Of.
Colman will battle for the award for best supporting actress in a limited series with British stars Thandie Newton, who is nominated for Westworld, and Lena Headey from Game Of Thrones.
Laurie is nominated for best supporting actor and will go head to head with John Lithgow, who is nominated for his portrayal of Sir Winston Churchill in The Crown.
Lithgow’s co-star, Briton Claire Foy, is nominated for best actress in a television drama series for her portrayal of the Queen in the Netflix drama about the monarch’s early reign.
The Crown will battle for best television drama series with Game Of Thrones, Stranger Things, US drama This Is Us and Westworld.
Another Briton, Charlotte Rampling, is nominated for best actress in a limited television series for her performance in London Spy.
Meanwhile, Welsh actor Matthew Rhys is up for best actor in a television series for The Americans.
The movie acting awards will see Amy Adams, Jessica Chastain, Isabelle Huppert, Ruth Negga and Natalie Portman compete for best actress in a film drama.
Casey Affleck is nominated for best actor in a film drama for his performance in Manchester By The Sea. He will compete with Joel Edgerton (Loving), Garfield (Hacksaw Ridge), Viggo Mortensen (Captain Fantastic) and Denzel Washington (Fences).
La La Land is up for best musical comedy film along with superhero film Deadpool, Florence Foster Jenkins, Sing Street and 20th Century Women.
Hacksaw Ridge, Hell Or High Water, Lion, Manchester By The Sea and Moonlight are nominated for best film in the drama category.
The People Versus OJ Simpson: American Crime Story received a number of nominations including best limited series or film made for television.
John Travolta, Sarah Paulson, Courtney B Vance and Sterling K Brown are up for acting awards for their performances in the drama about the murder trial of former American footballer Simpson.
Meryl Streep, who will receive the Cecil B DeMille Award for career achievement, is nominated for best actress in a musical or comedy film for Florence Foster Jenkins.
The 74th Golden Globes will be hosted by comedian Jimmy Fallon and take place at the Beverly Hilton on 8 January.