Love Affair was nominated for the Academy Award for Best Picture, Best Actress, Best Supporting Actress, Best Original Screenplay (Mildred Cram, Leo McCarey), Best Original Song (Buddy G. DeSylva, For the song "Wishing"), and Best Art Direction (Van Nest Polglase, Alfred Herman).
The film is currently in the public domain, and can be found at the Internet Archive.
The film was remade in 1957 as An Affair to Remember with Cary Grant and Deborah Kerr in the lead roles. The film is considered one of the most romantic of all time, according to the American Film Institute. An Affair to Remember was almost identical to Love Affair on a scene to scene basis. McCarey used the same screenplay as the original film, which was penned by Delmer Daves and Donald Ogden Stewart.
A 1994 remake reverting to the original title of Love Affair was written, directed, and starred Warren Beatty, featuring his wife Annette Bening as the female protagonist, and also Katharine Hepburn in a small but pivotal role, which would prove to be her last screen appearance. It was directed by Glenn Gordon Caron and produced by Warren Beatty from a screenplay by Robert Towne and Warren Beatty. The music score was by Ennio Morricone and the cinematography by Conrad L. HallNora Ephron's 1993 film Sleepless in Seattle, starring Tom Hanks and Meg Ryan, was inspired by An Affair to Remember, and clips from the earlier film and its theme song are used throughout.
The climactic meeting at the top of the Empire State Building is a reference to a reunion between Cary Grant and Deborah Kerr in An Affair to Remember that fails to happen because the Kerr character is struck by a car while en route. At one point, some of the characters discuss Affair, with Sam commenting that it sounds like a "chick movie."
Sleepless in Seattle received two nominations for awards in the 66th Academy Awards (held in 1994), but did not win either of them.