The Friday night event here saw Bhansali's film get the best director award, superstar Amitabh Bachchan - also the IIFA brand ambassador - the best actor award and Rani Mukherji the award for best actress.
Child artist Ayesha Kapoor, who played the young Rani in "Black", won the best supporting actress award, while Abhishek Bachchan was given the best supporting award for "Sarkar".
Pop singer Alisha Chinai won the best female playback award for the hit "Kajra Re" qawwali number in "Bunty Aur Babli", while Himesh Reshammiya was honoured with the best male playback award for the title song of "Aashiq Banaya Aapne".
Javed Jaffrey won the best comedian award for "Salaam Namaste", while Nana Patekar won for the best negative role in "Apaharan".
Gulzar received the best lyrics award for "Kajra Re" ("Bunty Aur Babli"), while the musical trio of Shankar Ehsan and Loy won the award for best music for "Bunty Aur Babli".
Filmmaker Nagesh Kukunoor won the best story award for "Iqbal".
Yesteryears actress Asha Parekh was presented with a special award for her outstanding contribution to Indian cinema.
Choreographer K.K. Mahajan and O.P. Dutta, the father of filmmaker J.P. Dutta, were given the lifetime achievement award for their contribution to Indian cinema.
Vaibhavi Merchant got the best choreographer award for "Kajra Re".
The evening saw Saif Ali Khan pay a musical tribute to actor Rishi Kapoor, and Preity Zinta dance to the "Qurbani" number of yesteryears actress Zeenat Aman.
The "Black" team also came on the stage to perform a small skit.