The film was released to generally favorable reviews, holding a score of 72 out of 100 at Metacritic. Owen Gleiberman of Entertainment Weekly gave it a B– and Desson Howe of The Washington Post noted that even though the film is a good Bill Murray vehicle, "'Groundhog' will never be designated a national film treasure by the Library of Congress". Nonetheless, the film was selected by the National Film Preservation Board for preservation in the Library of Congress in 2006.
Among positive reviews, Janet Maslin of The New York Times called it "a particularly witty and resonant comedy" and Hal Hinson of The Washington Post called it "the best American comedy since 'Tootsie.'". It was a solid performer in its initial release, grossing $70.9 million in North America and ranking 13th among films released in 1993. It was nominated for the Hugo Award for Best Dramatic Presentation, but lost to Jurassic Park.
Groundhog Day holds a 96% "Certified Fresh" rating on Rotten Tomatoes. The site's consensus reads "Smart, sweet, and inventive, Groundhog Day highlights Murray's dramatic gifts while still leaving plenty of room for laughs". The film is regarded as a contemporary classic. Roger Ebert revisited it in his "Great Movies" series. After giving it a three-star rating in his original review, Ebert acknowledged in his "Great Movies" essay that, like many viewers, he had initially underestimated the film's many virtues and only came to truly appreciate it through repeated viewings.
The film is number 32 on Bravo's "100 Funniest Movies". In Total Film's 1990s special issue, Groundhog Day was deemed the best film of 1993 (the year that saw the release of Schindler's List, The Piano, A Perfect World and The Fugitive). In 2000, readers of Total Film voted it the seventh greatest comedy film of all time. The Writers Guild of America ranked the screenplay #27 on their list of 101 Greatest Screenplays ever written. In 2009, American literary theorist Stanley Fish named the film as among the ten best American films ever. In 2011, Time Out London named it the 5th-greatest comedy film of all time.
- British Comedy Awards 1993 (Comedy Film)
- Saturn Award for Best Actress (Film) (Andie MacDowell, for playing Rita)
In June 2008, AFI revealed its "Ten Top Ten"—the best ten films in ten "classic" American film genres—after polling over 1,500 people from the creative community. Groundhog Day was acknowledged as the eighth best film in the fantasy genre.
The film is recognized by American Film Institute in these lists:
- AFI's 100 Years...100 Laughs – #34
- AFI's 100 Years...100 Passions – Nominated
- AFI's 100 Years...100 Movies (10th Anniversary Edition) – Nominated
- 2008: AFI's 10 Top 10:
- #8 Fantasy Film