"Life is Beautiful" was a critical and commercial success, grossing over $230 million worldwide. The film received widespread critical acclaim for its unique blend of humor and tragedy, with many praising Benigni's performance and direction. The film won several awards, including three Academy Awards (Best Actor for Benigni, Best Original Score, and Best Original Screenplay), four David di Donatello Awards, and three Nastro d'Argento Awards.