The Navy Inn made it to the final four in categories for pub of the year and chef of the year, but was pipped in both, at a ceremony at London's Grosvenor Square.
The bi-annual Seafish awards aim to recognise excellence and promote sustainable practice across the industry.
Head chef Keir Meikle was pleased to have been 'highly commended' in both sections and put the success down to local suppliers.
"It's lovely to get an award and it shows the quality of fish we get in Newlyn," he said.
"We had some very nice letters of recommendation and we can only get better, so let's hope we can go one better next time around."
The third instalment of the awards was held at the Grosvenor Marriott hotel on May 22 and considered 170 entries in 14 categories. Speaking at the ceremony, Seafish chairman Charles Howeson said the success of the event was 'a testament to the innovation and determination to win that exists in this industry'.
He also noted the valuable contribution the industry makes to UK plc, with more than 86,000 jobs and £5 billion of gross value added to our economy.
Outright
Mr Meikle and his team, who have slowly been developing the pub and restaurant for five years, just lost out as Seafood Pub of the Year to the Swan Inn at Barnby, Suffolk.
He says they are on the verge of buying the business outright from the current owners and will continue to improve.
"At the moment we have some fabulous Pollack, red mullet, hake line-caught bass and scallops – and we also smoke our own mackerel.We are always trying to improve."
Rob Green, of Green's of Whitby, in North Yorkshire, took the accolade for chef of the year.
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