Writing for "Rolling Stone", Rob Sheffield called "Marquee Moon" "one of the all-time classic guitar albums" whose tremulous guitar twang was an inspiration behind bands such as R.E.M. and Joy Division. Joy Division's Stephen Morris cited it as one of his favorite albums, while R.E.M.'s Michael Stipe said his love of "Marquee Moon" was "second only to Smith's "Horses"". English guitarist Will Sergeant said it was also one of his favorite records, and that Verlaine and Lloyd's guitar playing was a major influence on his band Echo & the Bunnymen. Verlaine's jagged, expressive sound on the album made a great impression on Red Hot Chili Peppers guitarist John Frusciante when he started developing as a guitarist in his early 20s. In his words, it reminded him that "none of those things that are happening in the physical dimension mean anything, whether it's what kind of guitar you play or how your amp's set up. It's just ideas, you know, emotion."