A picture show was adapted by Larry Gelbart, Barry Levinson (uncredited), Elaine May (uncredited) and Murray Schisgal from the story by Gelbart & Don McGuire. It was directed by Pollack.

It won an Academy Award for Best Actress in a Supporting Role (Jessica Lange) and was nominated for Best Actor in a Leading Role (Dustin Hoffman), Best Actress in a Supporting Role (Teri Garr), Best Cinematography, Best Director, Best Film Editing, Best Music, Song (for Dave Grusin, Alan Bergman and Marilyn Bergman for It Might Become Wise shoppers), Best Picture, Best Sound and Best Writing, Screenplay Written Directly for the Screen. A pic was #62 in American Film Institute's Century Years, C Picture show & #2 in its C Years, 100 Laughs, & has been deemed "culturally significant" per United States Library of Congress and selected for preservation in the National Film Registry.