Presented by the Savannah College of Art and Design and sponsored by Memorial Health, the Savannah Morning News, the City of Savannah and The Talking Phone Book, the festival featured screenings of Forman's classic "Amadeus" and Julian Schnabel's latest, "The Diving Bell and the Butterfly."
Sunday, Ratner was given the Outstanding Achievement in Cinema Award, while Forman accepted a Lifetime Achievement Award for Directing.
"Nothing is impossible with perseverance, hard work and loving what you do," Ratner said upon receiving his award.
Ratner's films, which include the "Rush Hour" franchise and "X-Men: The Last Stand," have collectively grossed more than $1 billion worldwide.
Filmmaker Forman has won Academy Awards for directing "One Flew Over the Cuckoo's Nest" and "Amadeus."
"This is a magical moment. Since I was a child and teenager behind the iron curtain and barbed wire, I was devouring books about the Wild West and cowboys. There was one word that jumped out at me as mystical -- 'Savannah,'" Forman said. "To stand today in Savannah to receive a lifetime award while I'm still alive is magical."