Grim Fandango has won several awards in it's time. Here are some of the main ones:
Gamespot - Best of E3 1998, Ten Best Endings, Ten Best Game Soundtracks, Adventrue Game of the Year 1998, Game of the Year 1998, Best Graphics 1998, Best Music 1998
IGN - Best Adventure Game of the Year 1998
Gamespy - 25 Most Underrated Games of all Time, Hall of fame
AdventureGamers - Best adventure game of all time nubmer 7
CNET GameCenter - Best adventure game of the year 1998.