A major critical and commercial success, Funny Girl became the highest-grossing film of 1968 in the United States and received eight Academy Award nominations. Streisand won the award for Best Actress for her performance, tying with Katharine Hepburn (The Lion in Winter). In 2006, the American Film Institute ranked the film #16 on its list commemorating AFI's Greatest Movie Musicals. Previously it had ranked the film #41 in its 2002 list of 100 Years ... 100 Passions, the songs "People" and "Don't Rain on My Parade" at #13 and #46, respectively, in its 2004 list of 100 Years ... 100 Songs, and the line "Hello, gorgeous" at #81 in its 2005 list of 100 Years ... 100 Movie Quotes. Funny Girl is considered one of the greatest musical films ever.

In 2016, Funny Girl was deemed "culturally, historically, or aesthetically significant" by the United States Library of Congress, and selected for preservation in the National Film Registry.

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