Critically and commercially successful on release, the film was nominated for an Academy Award for Best Adapted Screenplay, as well as for two Golden Globes for Best Drama Motion Picture and Best Director.

Critically it was praised for its story and performances with Sheila Benson of the Los Angeles Times calling it “[a treasure] absolutely not to be missed”, while Paul Attanasio for The Washington Post called the acting ensemble “wonderful”, in particular the performances from River Phoenix and Wil Wheaton.

Stephen King praised the film greatly, considering it to be the first successful translation to film of any of his novels. So impressed, it was reported that at a private early screening of the film he had to excuse himself for fifteen minutes to compose himself after which he remarked “That’s the best film ever made out of anything I’ve written, which isn’t saying much. But you’ve really captured my story. It is autobiographical.”

In a 2017 Q&A on Reddit, Rob Reiner said that it is his personal favourite of his own films.

Today, it stands on Rotten Tomatoes at 91% with its critical consensus stating that the film “is a wise, nostalgic movie with a weird streak that captures both Stephen King’s voice and the trials of growing up.”