The film won the 1970 Palme d'Or at the Cannes Film Festival. It was nominated for five Academy Awards and won an Oscar for its screenplay. It was deemed "culturally significant" by the Library of Congress and selected in 1996 for preservation in the United States National Film Registry. In 1998, the film was recognized by the American Film Institute (AFI) as one of the 100 greatest American films; two years later, AFI recognized it as one of the10 funniest American films.