"Thevar Magan" was released on 25 October 1992, Diwali day, to critical acclaim and completed a 175-day run at the box office. It was chosen by India as its entry for the Best Foreign Language Film for the 65th Academy Awards, but was not nominated. The film won five National Film Awards, including Best Tamil Film, Best Supporting Actress for Revathi, and a Special Jury Award for Ganesan which he declined. It was later remade in Hindi as "Virasat" (1997) and in Kannada as "Thandege Thakka Maga" (2006).