At the 14th Grammy Awards held on March 14, 1972, both Carole King and James Taylor won awards for "You've Got a Friend." Taylor won the award for Pop Male Vocalist, while King won Song of the Year. Taylor's version was also nominated for the category Record of the Year, but King emerged the winner with her song "It's Too Late" (via Awards and Shows). In the years following the song's release, there were many instances wherein Taylor and King performed the song together, such as at the "Troubadour Reunion Tour" in 2010. King played the piano while Taylor accompanied her on the guitar.

In his book titled "The Words and Music of Carole King," James E. Perone explained why the song became so popular. "The son's messages of friendship having no boundaries and a friend being there when you are in need have universal appeal," he wrote. Since its release, many other artists have covered the song, including Dusty Springfield, Roberta Flack and Donny Hathaway, and Aretha Franklin, among others.

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