Wit won the 1999 Pulitzer Prize for Drama. The play also received the "Best New Play" award for 1999 from the New York Drama Critics' Circle. Because the play did not receive a production at a Broadway theatre, Wit was not eligible for the Tony Awards at that time. Chalfant received an award from the Village Voice Obies for her performance.
The 2012 Broadway production was nominated for the Tony Award, Best Revival of a Play, and Best Performance by an Actress in a Leading Role in a Play (Cynthia Nixon).