Retrospectively, "The Red Shoes" is regarded as one of the best films of Powell and Pressburger's partnership and one of the greatest films of all time. It was voted the 9th greatest British film of all time by the British Film Institute in 1999. The film underwent an extensive digital restoration beginning in 2006 at the UCLA Film and Television Archive to correct significant damage to the original negatives. The restored version of the film screened at the 2009 Cannes Film Festival, and was subsequently issued on Blu-ray by The Criterion Collection. In 2017, a poll of 150 actors, directors, writers, producers and critics for "Time Out" magazine saw it ranked the 5th best British film ever.