Acclaimed for its technical prowess and realism upon release, the film became the yardstick against which future aviation films were measured, mainly because of its realistic air-combat sequences. It went on to win the first Academy Award for Best Picture at the first annual Academy of Motion Picture Arts and Sciences award ceremony in 1929, the only silent film to do so. It also won the Academy Award for Best Engineering Effects (Roy Pomeroy). "Wings" was one of the first widely released films to show nudity. In 1997, "Wings" was selected for preservation in the United States National Film Registry by the Library of Congress as being "culturally, historically, or aesthetically significant", and the film was re-released to Cinemark theaters to coincide with the 85th Anniversary for a limited run in May 2012. The film was re-released again for its 90th anniversary in 2017. The Academy Film Archive preserved "Wings" in 2002.