Ceremony for the 27th Hong Kong Film Awards was held on 14 April 2008 in the Hong Kong Cultural Centre and hosted by Carol Cheng, Sandra Ng and Sammi Cheng. Winners in nineteen categories were unveiled, with film The Warlords being the year's biggest winner.

The Warlords (投名狀), previously known as The Blood Brothers, is a 2007 Hong Kong epic historical action film directed by Peter Chan, starring Jet Li, Andy Lau, Takeshi Kaneshiro and Xu Jinglei. The film was released on 13 December 2007 simultaneously in most of Asia, except Japan. The film, set in China in the 1860s during the Taiping Rebellion, revolves around the sworn brotherhood of three men.