The actor is widely considered to be a frontrunner for awards attention this year, thanks to his role in Paul Thomas Anderson's The Master, but told Interview that he has no patience for the process.
"I think it's bulls**t," Phoenix said. "I think it's total, utter bulls**t, and I don't want to be a part of it. I don't believe in it. It's a carrot, but it's the worst-tasting carrot I've ever tasted in my whole life.
"I don't want this carrot. It's totally subjective. Pitting people against each other... It's the stupidest thing in the whole world."
The actor, who has been Oscar-nominated twice (Gladiator (2000) and Walk the Line (2005)), went on to admit that he had found his previous experiences of awards attention very uncomfortable.
"It was one of the most uncomfortable periods of my life when Walk the Line was going through all the awards stuff and all that. I never want to have that experience again.
"I don't know how to explain it – and it's not like I'm in this place where I think I'm just above it – but I just don't ever want to get comfortable with that part of things."
[Left: Phoenix at Venice Film Festival / Right: Phoenix in Walk the Line]
Phoenix plays war-torn veteran Freddie Quell in Anderson's 1950s-set drama, and falls in with a faith-based organisation (widely believed to be based on Scientology) after meeting its charismatic leader (Philip Seymour Hoffman).
The film received the Silver Lion award for directing at this year's Venice Film Festival, and had the Festival's top prize rescinded under controversial circumstances.
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The Master will be released in the UK on November 2. Watch a trailer below: