The album won a Grammy Award for Best Recording for Children. It was also nominated for Best Album of Original Score Written for a Motion Picture or Television Special, but lost to Superman. The film's score was nominated for an Academy Award in 1980 in the Best Music, Original Song Score category. It lost to All That Jazz. "The Rainbow Connection" was also nominated in the Best Music, Original Song category. It lost to "It Goes Like It Goes" from the film Norma Rae.