"The Heiress" premiered in Los Angeles on October 6, 1949 and was theatrically released by Paramount Pictures on December 28, 1949. Although a box office failure, grossing $2.3 million on a $2.6 million budget, the film garnered critical acclaim, with reviewers praising Wyler's direction, it's screenplay and the performances of the cast. The film received a leading eight nominations at the 22nd Academy Awards, including for the Best Picture, and won four awards (more than any other film nominated that year); Best Actress (for de Havilland), Best Original Score, Best Production Design, and Best Costume Design. In 1996, "The Heiress" was selected for preservation in the United States National Film Registry by the Library of Congress as being "culturally, historically, or aesthetically significant".