In 1991, the film was selected by the Library of Congress for preservation in the United States National Film Registry as being "culturally, historically or aesthetically significant" and it is frequently listed as one of the greatest filmsof all time. At the 47th Academy Awards, it was nominated for 11 Oscars, with Towne winning Best Original Screenplay. The Golden Globe Awardshonored it for Best Drama, Best Director, Best Actor, and Best Screenplay. The American Film Institute placed it second among its top ten mystery films in 2008.
A sequel, The Two Jakes, was released in 1990, again starring Nicholson, who also directed, with Robert Towne returning to write the screenplay. The film failed to match the acclaim of its predecessor.
Towne's screenplay has become legendary among critics and filmmakers, often cited as one of the best examples of the craft.