Reilly also was named Worst Supporting Actor in what Razzie founder John Wilson called the "clueless parody" of the classic detective tale, originally penned by Sir Arthur Conan Doyle.
McCarthy was awarded Worst Actress for her roles in the widely-panned puppet comedy, "The Happytime Murders", and for playing a newly-divorced mother who went back to college in "Life of the Party (2018)".
In an unusual move, the 48-year-old actress was also given the Razzie Redeemer award for her Oscar-nominated role in drama "Can You Ever Forgive Me?" She is up for Best Actress at the Academy Awards on Sunday, February 24.
Current U.S. President Donald Trump also won the Worst Actor Razzie for appearing as himself in the 2018 documentaries "Death of a Nation", from Dinesh D'Souza, and Michael Moore's "Fahrenheit 11/9", while Trump and his "self-perpetuating pettiness" won Worst Screen Combo for the same two films.
"Fifty Shades Freed" won Worst Screenplay, Trump's counselor Kellyanne Conway won Worst Supporting Actress for playing herself in "Fahrenheit 11/9", and "Billionaire Boys Club", which suffered following allegations against its star Kevin Spacey, won the special Barry L Bumstead award.
"Gotti", the critically-panned biopic about late New York mafia boss John Gotti, failed to win any awards despite getting a whopping six nominations, including Worst Picture, Worst Actor and Worst Screen Combo for leading man John Travolta and his wife Kelly Preston.
Full list of winners: