The soundtrack album was released on May 22, 2007 in the U.S. and on May 26 in Ireland. Hansard and Irglová's song "Falling Slowly" won the 2007 Academy Award for Best Original Song and the soundtrack as a whole also received a Grammy Award nomination.
Hansard had jokingly stated that when they finished recording the song he announced, "and the Oscar for best song goes to...". The nomination's eligibility for the Oscar was initially questioned, as versions of the song had been released on The Cost and The Swell Season albums, but this was resolved before the voting for the award took place.