The 14-year-old currently stars alongside Jeff Bridges in the Coen brothers' movie and has been nominated in the 'Best Supporting Actress' category at the upcoming 17th Annual Screen Actors Guild Awards.
"It's definitely very overwhelming but it's amazing," she said on NBC's Tonight Show With Jay Leno on Friday. "I love it. I have amazing family and amazing friends who have been very supportive."
The teenager, who revealed that she has wanted to be an actress since she was 8 years old, also spoke about completing her own stunts in the Western such as horse-riding.
"I used to ride a couple of years ago so the minute I got back on a horse everything kind of came back to me there," she said. "Before we started filming I had about two weeks of riding lessons there."
She also told Leno that the part required she learn how to roll cigarettes, while she also asked her dad to take her to a shooting range before filming to ensure she was "somewhat familiar" with the process.
Steinfeld, who has been praised by Bridges for her work in the Western, also spoke about filming with snakes, admitting that it had been "really scary".
"The snake wrangler... would come up and ask me if I wanted to see the snakes beforehand," she explained. "I really didn't because I was a little nervous! He told me that the snakes we used were used in the movie Snakes In The Plane (sic) which I think was supposed to calm me down but..."
"So these are celebrity snakes," joked Leno. "These are snakes that have been in more movies than you have!"
True Grit is in cinemas now.