It was nominated 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.
"I'll Remember" was a commercial success, peaking at number two on the Billboard Hot 100 and becoming her fourth number-one hit on the Adult Contemporary chart.
The track topped the singles charts in Canada and Italy.
"I'll Remember" was used as the theme song of the film With Honors, directed by Alek Keshishian. Madonna's own label, Maverick, was charged with the task of putting together the soundtrack album.
According to author Rikky Rooksby, the song is written in the style of Album-oriented rock (AOR) by bands like Boston or Foreigner.