Music critics praised the song, hailing it as one of her best works. 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 also a commercial success, peaking at number two on the "Billboard" Hot 100 and becoming her fourth number-one hit on the Adult Contemporary chart. It also topped the singles charts in Canada and Italy. The music video of "I'll Remember" portrayed Madonna singing the song in a stylized recording studio. Her look and style were compared to the imagery of the music video of previous single "Rain". The androgynous portrayal of Madonna in the final shot was praised for breaking gender barriers. "I'll Remember" did not appear on any Madonna album, but was later included in the ballads collection "Something to Remember" (1995).