Here's why:
* Italics are the preferred style for titles: In most writing styles (including MLA and Chicago), italicization is the preferred way to format titles of books, plays, movies, albums, and awards.
* Underlining is an older style: While underlining was common in the typewriter era, it's less common now, especially with the availability of italics.
Here's how you'd typically format an award title:
* "The Academy Award for Best Picture" (Note the italics.)
However, there are exceptions:
* Some specific guidelines might dictate underlining. For example, certain organizations or publications might have their own house style that uses underlining for awards.
* If you are writing for a specific publication, follow their style guide.
In general, use italics for award titles unless there are specific instructions to do otherwise.