Judges picked the acts from 578 shows at the Fringe Festival this month and said they had a difficult job.
Stand-up Seann Walsh is joined by Bridget Christie, Carl Donnelly, James Acaster, Max and Ivan, Mike Wozniak and Nick Helm in the running for the £10,000 best show prize.
The five nominees for the £5,000 best newcomer award are Aisling Bea, John Kearns, Liam Williams, Matt Okine and Romesh Ranganathan.
Famous comedians who have already had a TV series or perform in a 500-seat venue under their own name are not eligible for the awards.
Previous winners include Russell Kane, Lee Evans and Frank Skinner. Another previous recipient, Steve Coogan, will present this year's winners with their prizes.
Awards producer Nica Burns said: "After the longest best comedy show shortlist debate in the history of the awards, going to an unprecedented second vote, the list is, for the first time since Lee Evans won in 1993, seven-strong.
"In complete contrast to last year, 2013 will be remembered as the year of the stand-up with an exceptional laugh count.
"This year's shows all combine great writing and outstanding performances with subject matter ranging from feminism, settling down, sky-writing, cats, love, life, lie-ins and the dangers of school reunions.
"The newcomer's shortlist are the stars of tomorrow - a wonderful new generation of comedians who will make every corner of Britain laugh."
Last year, the best show was was by Doc Brown and he will join Alan Partridge co-creator Coogan to hand out the awards on Saturday in a ceremony at Dovecot Studios in Edinburgh.
Nominations for best comedy show are:
- Bridget Christie - A Bic For Her
- Carl Donnelly - Now That's What I Carl Donnelly! Volume V
- James Acaster - Lawnmower
- Max and Ivan - The Reunion
- Mike Wozniak - TakeThe Hit
- Nick Helm - One Man Mega Myth
- Seann Walsh - The Lie-in King
Nominations for best newcomer are:
- Aisling Bea - C'est La Bea
- John Kearns - Sight Gags For Perverts
- Liam Williams
- Matt Okine - Being Black & Chicken & S#%t
- Romesh Ranganathan - Rom Com