The film, which was a big hit in China last year grossing more than $29m, was also awarded best cinematography for the work of Arthur Wong, best art direction, best costume and make-up design, best sound design and best visual effects.
Oscar-nominated Yee Chung Man (Curse Of The Golden Flower) headed the teams that handled The Warlords' art direction and costumes. Thai technicians Sunit Asvinikul and Nakorn Kositpaisal handled sound design, while visual effects were overseen by Ng Yuen Fai of Fat Face, which is rapidly becoming one of Hong Kong's leading effects houses.
Meanwhile, China's Siqin Gaowa scooped best actress for her role in Ann Hui's drama The Postmodern Life Of My Aunt, which was also honored for Japanese composer Joe Hisaishi's score. Best original film song went to Dennie Wong for Love Is Not All Around.
Andy Lau took best supporting actor for his role as a drugs lord in Derek Yee's Protege and Susan Shaw was awarded best supporting actress for Derek Kwok's The Pye-Dog.
Protege also took best editing for Eric Kong, while best action choreography went to Donnie Yen for Flash Point. Best screenplay went to Wai Ka-fai and Au Kin-yee for Johnnie To's Mad Detective.
Hong Kong actress Kate Tsui was awarded best new performer for her role in thriller Eye In The Sky, directed by Yau Nai Hoi who also took the best new director prize.
Best Asian film went to Ang Lee's Lust, Caution, an edited version of which was also a hit in China grossing around $19m.