The movie was adapted by James Lee Barrett, Peter Bogdanovich, Larry McMurtry and Polly Platt (uncredited) from the novel by McMurtry. It was directed by Bogdanovich, who had built a reputation as a film critic before directing this, his first feature film.
The Last Picture Show won Academy Awards for Best Actor in a Supporting Role (Ben Johnson) and Best Actress in a Supporting Role (Cloris Leachman).It was also nominated in the categories for Best Actor in a Supporting Role (Jeff Bridges), Best Actress in a Supporting Role (Ellen Burstyn), Best Cinematography, Best Director, Best Picture and Best Writing, Screenplay Based on Material from Another Medium. The film has been deemed "culturally significant" by the Library of Congress and selected for preservation in the United States National Film Registry.