The film has swept the board at the 2011 Oscar nominations, including receiving nods for Best Picture and Best Screenplay.
Colin, 50, has been nominated for his role as stammering George VI, while Helena was shortlisted for Best Supporting Actress.
Firth faces competition from Jeff Bridges for True Grit, Javier Bardem for Biutiful, James Franco for 127 Hours and Jesse Eisenberg for The Social Network.
The King's Speech's director, Tom Hooper, has been nominated for Best Director, while Geoffrey Rush received the movie's nomination for Best Supporting Actor.
Films battling it out to win the Best Picture title include The King's Speech, Black Swan, Inception and The Social Network.
Hollywood star Natalie Portman, 29, has been recognised for her portrayal of a ballerina in Black Swan and features in the Best Actress category.
Danny Boyle is up for Adapted Screenplay for his gruesome flick 127 Hours.
The awards ceremony is set to be hosted by James Franco and Anne Hathaway on February 27 at the Kodak Theatre in Los Angeles.