Mohanlal won the National Film Award for his performance.

The film ran for more than 300 days in theaters.

The film was a huge blockbuster, the impact of the film was such that Mohan Raj's character name (Keerikkadan Jose) became his stage name, producer N. Krishnakumar (Unni) went on to be known as Kireedam Unni, the bridge near Vellayani in Trivandrum featured in the film went on to be known as Kireedam Paalam (Kireedam bridge). Kireedam was a breakthrough in the career of Cochin Haneefa, who until then appeared in antagonistic roles began appearing in more comedic roles after Kireedam.

Regarded as a classic in Malayalam cinema, especially noted for the performances of Mohanlal and Thilakan.