"I'll Remember" earned nominations for Best Song Written Specifically for a Motion Picture or for Television at the 37th Grammy Awards and Best Original Song at the 52nd Golden Globe Awards. Robbie Daw from Idolator listed it as one of "Madonna’s 10 Best Songs That Radio Forgot", saying that "Madge has lost many friends and lovers over the years, but here she turns lemons into lemonade by cherishing the good times and learning from 'the way that you changed me'." Journalist Matthew Rettenmund listed the "Guerilla Beach" remix of the song at number nine on his list of "The 25 Best Madonna Remixes", describing it as "spacey" and believing it to be "markedly superior to the lovely but unassuming original". In 2014, Graham Greymore from "Queerty" listed "I'll Remember" as one of the "12 Most Underrated Madonna Songs Of All Time". While ranking Madonna's singles, in honor of her 60th birthday, "The Guardian"s Jude Rogers placed "I'll Remember" at number 42, praising its "atmospheric" verses.