The song became a major success and even won an Oscar for Best Original Song at the 1982 Academy Awards. Christopher Cross was known for his soft voice and skillful blend of pop and soft rock elements, resulting in a distinctive sound that suited the mood of the film well.

The lyrics of "Arthur's Theme" revolve around the search for love and meaning in a world full of uncertainties and changes. The famous refrain, "When you get caught between the moon and New York City, the best that you can do is fall in love," expresses the idea that love can be a constant amidst the uncertainties of life.

The melody of the song is catchy and easily accessible, contributing to its popularity. "Arthur's Theme" remains an example of an iconic 1980s movie song that has ingrained itself in the cultural memory and is still enjoyed even after all these years.