Florence was nominated for her role as Amy March, in the latest adaptation of the novel by American author Louisa May Alcott.
It is the first Academy Award nomination for the Oxford actress, who is a rising star thanks to acclaimed roles in The Falling, Lady Macbeth, Fighting with My Family and Midsommar.
The 24-year-old was born in Oxford, and her father if Cowley Road restauranter Clinton Pugh, and is up against Scarlett Johansson for Jojo Rabbit, Kathy Bates for Richard Jewell, Laura Dern for Marriage Story and Margot Robbie for Bombshell.
Little Women picked up four nominations in total, including a Best Adapted Screenplay nomination for Greta Gerwig, and a best actress nomination for her co-star, Saoirse Ronan.
The nominees were announced during a live ceremony today, and the winners will be announced at the 92nd Academy Awards which will take place at the Dolby Theatre in Los Angeles on 09 February.
Florence will next star alongside Scarlett Johansson in the Marvel Cinematic Universe film Black Widow due to be released in the US in May.