Starring Sally Hawkins, Doug Jones, Richard Jenkins, Octavia Spencer and Michael Shannon, the film also picked up the Best Director, Best Production Design and Best Score prizes.
"The Shape of Water continues to shape up the Oscar race", USA Today wrote after Thursday's wins. The only female Critics' Choice Award victor for Best Director since 1995 was Kathryn Bigelow, for The Hurt Locker.
Yet the industry's ongoing sexual misconduct crisis remained an element of the ceremony as James Franco won an acting award early in the evening, hours after a report detailed new misconduct allegations against The Disaster Artist star and director.
Syrian army claims Israel struck targets near Damascus in overnight raids
Israel attacked a military base outside of Damascus with airstrikes and ground missiles, the Syrian army said. Ten of the assault drones were directed toward the Hmeimim airbase in northwestern Syria, the NYT said.
In her speech, the 50-year-old-actress added, "I love being an actor".
To kick off the sketch, Olivia said: "At this time, my friend Niecy Nash and I would like to make a toast to all the good guys in Hollywood".
The annual Critics' Choice Awards furthered the award prospects of "The Shape of Water" with Guillermo del Toro's film taking four awards home, including the best picture and director. Winners are signified by an asterisk (*) and boldface type. The series, which tackled mysterious murder and domestic violence, also earned Alexander Skarsgard and Laura Dern best supporting actor and actress in limited series respectively.
Saoirse has also received a Best Leading Actress nod for this year's Bafta Awards.
The more I talk to Academy members, the more I hear rumblings about this summer's biggest hit - if not because it's a cinematic work of art, then because no movie better captures this new era of female empowerment.
While Gary Oldman cleaned up best actor for his role as Winston Churchill in Darkest Hour.