Morgan Freeman was nominated for an Academy Award for Best Supporting Actor for his role in The Shawshank Redemption, but he did not win. He was nominated for this award in 1995, but the award went to Martin Landau for his role in Ed Wood.
However, The Shawshank Redemption did win an Academy Award for Best Sound Editing in 1995.
Despite not winning an Oscar, Morgan Freeman's performance in The Shawshank Redemption is widely considered one of his best, and the film itself is considered a classic.