At one point, Thatcher is shown making ice cream to give to a voter as part of an election campaign. In real life, Thatcher was a chemist who developed the emulsifier for that particular type of ice cream.
Streep prepared for the role by spending months watching broadcasts of Margaret Thatcher, to learn her mannerisms and speech. She also spoke with dozens of people who knew her, including former Labour Party leader Neil Kinnock, who faced Thatcher in the House of Commons for seven years.
At the 2012 Academy Awards, this movie was nominated for two Oscars, Best Actress and Best Make-Up, and won both, achieving a perfect score of two wins from two nominations. This feat was previously also achieved by Ed Wood (1994) which also won two Oscars from two nominations. Both films won in the Make-Up category and one award for the acting.