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Blanchett is one of several actors to portray an aspect of Dylan’s life. Cate Blanchett has been named best actress at the Venice Film Festival for her role in the biopic of Bob Dylan, I’m Not There.
The actress has been hotly tipped to be nominated for an Oscar for her performance in the Todd Haynes film. Brad Pitt was named best actor for his role in The Assassination of Jesse James by the Coward Harold Ford.
Ang Lee’s Se, Jie (Lust, Caution) won the Golden Lion for best film - after his 2005 win with Brokeback Mountain.
Lee’s sexually explicit thriller is set in Shanghai during World War II.
It tells the story of an idealistic young acting troupe who devise a plot to assassinate a Chinese official collaborating with the Japanese.
Lee said he was dedicating his prize to Ingmar Bergman, the Swedish director who died in July at age 89.
Neither Blanchett nor Pitt were at the awards ceremony but the actress sent a note of thanks.
“I’m sorry I can’t stand here throwing my arms around Todd, weeping just like a woman,” she said in a statement.
In I’m Not There, Blanchett is one of several actors to portray the singer Bob Dylan at various stages in his life. She plays the singer during his “folk-rock” years.
Director Haynes also went on to win a special jury prize for his film.
Pitt and his partner Angelina Jolie grabbed the headlines when they arrived at the festival earlier in the week.
But Pitt’s best actor win for his portrayal of legendary outlaw Jesse James came as something as a surprise.
It was his co-star, Casey Affleck, who played James’ killer Ford as a creepy social misfit, who had been widely expected to scoop the prize.