Olivia Colman claimed the best actress gong as the female-focused costume drama based on the court of Queen Anne took home most of the prizes, including best supporting actress for Rachel Weisz.
Greek Yorgos Lanthimos won best director for the film, which also won best screenplay and best independent film at the ceremony in London.
Due for a nationwide UK cinema release in January, The Favourite charts the later years of Queen Anne and the behind-the-scenes jockeying between two cousins hoping to be her court favourites.
Weisz starred as one of the cousins, with the other played by Oscar-winning actress Emma Stone.
Other headline-makers away from The Favourite were Joe Cole, who won best actor for his portrayal of an English boxer in a Thai prison in A Prayer Before Dawn, and Dame Judi Dench, who collected the Richard Harris Award for her outstanding contributions as a British film actor.
She told Sky News that despite an illustrious career spanning more than 60 years, the nerves still kicked in when it came to collecting prizes.
The 81-year-old said: “People say you must be very at ease making speech, but that’s not my job. My job is pretending to be someone else and trying to deliver someone else’s lines.”
Star Wars actress Felicity Jones was handed the other special gong of the night – the Variety Award, which recognises Britons who have made an impact overseas.
Former winners include Helen Mirren, Gary Oldman, Benedict Cumberbatch and Kate Winslet.
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