They're both nominated for video of the year, best collaboration and viewers' choice. Jay-Z received two nominations in the video of the year category, which includes newcomers B.o.B and Melanie Fiona.
Jay-Z is the top contender with five nominations; he's also up for best male hip-hop artist. Beyonce, Fiona and Alicia Keys, who follow with four nods each, are all up for best R&B female artist. R&B crooner Trey Songz also received four nominations.
Other multiple nominees include Rihanna, Maxwell, Drake and Fabolous.
Queen Latifah will host the awards show, which airs live on June 27 from the Shrine Auditorium in Los Angeles.