Weisz, 48, appeared overjoyed after receiving the award for her role in the 18th century period drama at the BAFTAs ceremony at the Royal Albert Hall on Sunday.
Coleman, who stars as Britain’s Queen Anne in the film, seemed ecstatic about her friend’s prize as she gave her a peck on the cheek and congratulated her.
The 45-year-old won Leading Actress later in the evening.
The Favorite, which is about Queen Anne and the two women vying for her affections, scooped the first category of the night by taking the outstanding British film prize.
Weisz said she needed no preparation to kiss Colman during filming for The Favourite because she is “gorgeous”.
Director Yorgos Lanthimos picked up the prize for Outstanding British film. The movie also won Original Screenplay, Best Costume Design, Production Design and Make Up and Hair.
“We made a very British film, the story is very British,” the Greek director said on the red carpet.
“It’s great because my collaborators are also recognised so I’m very proud.”
“Olivia Colman and Emma Stone. I salute you”
Accepting the supporting actress award, Weisz said: “Thank you to Bafta for this huge honour. I had the greatest luck in that I played opposite two of the most glorious women – Olivia Colman and Emma Stone. I salute you.
“Didn’t we have an extraordinary time? Hats off ladies. I want to thank Yorgos, our director, your creativity is breathtaking”.
She added that she also wanted to thank “everyone that stood by these three women and their story”.
The event drew Hollywood stars including “A Star Is Born” actor and director Bradley Cooper and “Mary Queen of Scots” nominee Margot Robbie, walking a chilly red carpet.
Cooper picked up the Original Music prize for his musical remake, “A Star Is Born”, while Adapted Screenplay went to Spike Lee’s “BlacKkKlansman”.
Mahershala Ali took the Supporting Actor prize for his role in “Green Book”, set in the segregated U.S. South in the early 1960s.