"Beauty and the Beast" won an Academy Award for Best Original Song in 1992, marking Menken and Ashman's (posthumously) second win after the 1989 award for "Under the Sea" from The Little Mermaid. A couple of months before, it had also won the 1992 Golden Globe Award for Best Original Song. It also went on winning two Grammy Awards in 1993, for the Best Song Written for a Motion Picture, Television or Other Visual Media and the Best Pop Performance by a Duo or Group with Vocal. The song was also nominated for two other important Grammys: Record of the Year and the Song of the Year. In Canada, "Beauty and the Beast" won a Juno Award for the Single of the Year.

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