The track received several awards and accolades. It was the Song of the Year at the 1995 Broadcast Music Awards, and Vela received the Songwriter of the Year award in 1996.
Its video was honored as the Music Video of the Year at the 1995 Billboard Latin Music Awards. "No Me Queda Más" was ranked as the ninth-best Tejano song of all time on Ramiro Burr's top-ten list.