"Bye Bye Brasil" was listed as one of the top 10 Brazilian films by Glauco Ortolano of "World Literature Today". "The New York Times" noted that it was "a most reflective film, nicely acted by its small cast and beautifully though not artily photographed in some remarkable locations." The film has been described as a kind of "Seismological documentary … registers the cultural aftershocks of the Brazilian Subcontinent." The film was nominated for the Palme d'Or at the 1980 Cannes Film Festival. The film was also selected as the Brazilian entry for the Best Foreign Language Film at the 53rd Academy Awards, but was not accepted as a nominee.