The prizes will be presented May 31 during a live telecast. Comedian Andy Samberg will serve as host of the event at the Gibson Amphitheatre in Universal City, Calif.
Both "Twilight" and "Slumdog" are in the running for the awards for best movie, best kiss and breakthrough male performance -- Robert Pattinson and Taylor Lautner for "Twilight," and Dev Patel for "Slumdog."
"Twilight" also earned mentions for Kristen Stewart for best female performance, and for her co-stars, Pattinson and Cam Gigandet, for best fight.
"Slumdog" leading lady Freida Pinto was nominated for breakthough female performance, and "Jai Ho," a track from her film is up for the best song in a movie prize.
"This is the first year we've put the nominee decisions in the hands of our audience. From 'Twilight' to 'Slumdog' -- this year's ceremony belongs to our most avid movie fans," Van Toffler, president of MTV Networks Music, Logo and Films Group, said in a statement. "Our viewers' unending enthusiasm for the movies they love is why we've given them the platform to select the nominees for this year's show."
Through May 27, viewers can visit MovieAwards.MTV.com to vote for their favorite film moments and actors, but the category of best movie will remain open throughout the live show, the network said.
Also nominated for best movie are "The Dark Knight," "High School Musical 3: Senior Year" and "Iron Man."