Lee dedicated his Golden Lion to the late Swedish filmmaker Ingmar Bergman, Variety.com reported.
The Taiwanese director also earned a Lido Lion two years ago for his cowboy romance, "Brokeback Mountain."
"I had just gotten one, so I didn't expect it," Lee said. "This is a wilder, more tender Lion: one that frightens me, like the movie I have made."
"Lust" cinematographer Rodrigo Prieto was also recognized for his work on the Chinese-language film.
Pitt nabbed the award for best actor for his portrayal of the iconic gunslinger in "The Assassination of Jesse James by the Coward Robert Ford," while Blanchett won the best actress accolade for her depiction of renowned singer/songwriter Bob Dylan in Todd Haynes' film, "I'm Not There."
Five other actors played different aspects of Dylan in the film.
Pitt and Blanchett starred in last year's "Babel" and will be seen together again in the upcoming film, "The Curious Case of Benjamin Button."
2014: The Year in Music [PHOTOS]