The English-language film, based on a novel by Egyptian-American author André Aciman, was written by James Ivory – of Merchant Ivory fame – and directed by an Italian, Luca Guadagnino.
It is nominated for Best Picture and Best Adapted Screenplay, as well as Best Actor for its young lead, Timothée Chalamet, and Best Original Song for Mystery of Love by Sufjan Stevens, who wrote three songs for the film.
Shot on location in Crema, Lombardy, the film tells the story of Elio, a 17-year-old American boy living with his parents in northern Italy, who has a summer romance with Oliver, a grad student who comes to work with his academic father.
It stars a cast of American, French and Italian actors.
Its Sicilian-born director is best known for I Am Love, a 2010 family drama starring Tilda Swinton as the English wife of a Milan businessman.
His film's nomination is the closest Italy will get to the Oscars this year: its entry in the Best Foreign Language Film category, A Ciambra, did not make the shortlist.
The only other Italian presence at the 90th Academy Awards is Alessandra Querzola, a set designer nominated for her work on the Hollywood sci-fi sequel Blade Runner 2049.
Most Italians won't be watching the ceremony anyhow: the winners will be announced on March 4th – the same day as the Italian election.