"Carnival of Souls" has gradually developed a cult following since its release and is now considered a low-budget classic. The film has since been included in multiple lists by various media outlets as one of the greatest horror films ever made. "Complex" magazine ranked "Carnival of Souls" number 39 on its list of the 50 scariest movies ever made. "Slant Magazine" placed the film at #32 on its "100 Best Horror Movies of All Time". "Paste" magazine ranked the film at #85 in its list of "100 Best Horror Movies of All Time".