Universal spent $1.8 million promoting Jaws, including an unprecedented $700,000 on national television spot advertising. The media blitz included about two dozen 30-second advertisements airing each night on prime-time network TV between June 18, 1975, and the film's opening two days later. Beyond that, in the description of film industry scholar Searle Kochberg, Universal "devised and co-ordinated a highly innovative plan" for the picture's marketing. As early as October 1974, Zanuck, Brown, and Benchley hit the television and radio talk show circuit to promote the paperback edition of the novel and the forthcoming film. The studio and publisher Bantam agreed on a title logo that would appear on both the paperback and in all of the advertising for the film. The centerpieces of the joint promotion strategy were John Williams's theme and the poster image featuring the shark approaching a lone female swimmer. The poster was based on the paperback's cover, and had the same artist, Bantam employee Roger Kastel. The Seiniger Advertising agency spent six months designing the poster; principal Tony Seiniger explained that "no matter what we did, it didn't look scary enough". Seiniger ultimately decided that "you had to actually go underneath the shark so you could see his teeth."
More merchandise was created to take advantage of the film's release. In 1999, Graeme Turner wrote that Jaws was accompanied by what was still "probably the most elaborate array of tie-ins" of any film to date: "This included a sound-track album, T-shirts, plastic tumblers, a book about the making of the movie, the book the movie was based on, beach towels, blankets, shark costumes, toy sharks, hobby kits, iron-transfers, games, posters, shark's tooth necklaces, sleepwear, water pistols, and more." The Ideal Toy Company, for instance, produced a game in which the player had to use a hook to fish out items from the shark's mouth before the jaws closed.
Jaws won three Academy Awards for Best Film Editing, Best Original Dramatic Score, and Best Sound (Robert Hoyt, Roger Heman, Earl Madery and John Carter). It was also nominated for Best Picture, losing to One Flew Over the Cuckoo's Nest. Spielberg greatly resented the fact that he was not nominated for Best Director. Along with the Oscar, John Williams's score won the Grammy Award, the BAFTA Award for Best Film Music, and the Golden Globe Award. To her Academy Award, Verna Fields added the American Cinema Editors' Eddie Award for Best Edited Feature Film.
Jaws was chosen Favorite Movie at the People's Choice Awards. It was also nominated for best Film, Director, Actor (Richard Dreyfuss), Editing, and Sound at the 29th British Academy Film Awards, and Best FilmDrama, Director, and Screenplay at the 33rd Golden Globe Awards. Spielberg was nominated by the Directors Guild of America for a DGA Award, and the Writers Guild of America nominated Peter Benchley and Carl Gottlieb's script for Best Adapted Drama.
In the years since its release, Jaws has frequently been cited by film critics and industry professionals as one of the greatest movies of all time. It was number 48 on American Film Institute's 100 Years... 100 Movies, a list of the greatest American films of all time compiled in 1998; it dropped to number 56 on the 10 Year Anniversary list. AFI also ranked the shark at number 18 on its list of the 50 Best Villains, Roy Scheider's line "You're gonna need a bigger boat" 35th on a list of top 100 movie quotes, Williams's score at sixth on a list of 100 Years of Film Scores, and the film as second on a list of 100 most thrilling films, behind only Psycho. In 2003, The New York Times included the film on its list of the best 1,000 movies ever made. The following year, Jaws placed at the top of the Bravo network's five-hour miniseries The 100 Scariest Movie Moments. The Chicago Film Critics Association named it the sixth scariest film ever made in 2006. In 2008, Jaws was ranked the fifth greatest film in history by Empire magazine, which also placed Quint at number 50 on its list of the 100 Greatest Movie Characters of All Time. The film has been cited in many other lists of 50 and 100 greatest films, including ones compiled by Leonard Maltin, Entertainment Weekly, Film4, Rolling Stone, Total Film, TV Guide, and Vanity Fair.
In 2001, the United States Library of Congress selected it for preservation in the National Film Registry as a "culturally significant" motion picture. In 2006, its screenplay was ranked the 63rd best of all time by the Writers Guild of America. In 2012, the Motion Picture Editors Guild listed the film as the eighth best-edited film of all time based on a survey of its membership.