Production notes

The film is a collaboration of the famous team of director/producer Raj Kapoor and writer Khwaja Ahmad Abbas. Abbas originally wanted Mehboob Khan to direct the film, but the two disagreed over the casting. Khan wanted Ashok Kumar to play the judge and Dilip Kumar the son. In the event, Abbas withdrew his script from Mehboob Studios and Raj Kapoor decided to direct it. This film was filmed in RK Studio and Bombay. In his column for the Indian Express, Kapoor wrote, "In Awara I tried to prove that Vagabonds are not born, but are created in the slums of our modern cities, in the midst of dire poverty and evil environment."

It was entered in the 1953 Cannes Film Festival, where it was nominated for the Grand Prize of the Festival (Palme d'Or). In 1955, it was voted the best film of the year by readers of Turkish daily Milliyet. In 2003, Time magazine included it in a list of "10 Indian Films to Treasure". Time magazine also chose Raj Kapoor's performance in Awaara as one of the top ten greatest performances of all time. In 2005, Indiatimes Movies ranked the movie amongst the "Top 25 Must See Bollywood Films", writing: "Whenever Raj Kapoor and Nargis came together on screen, sparks flew. Their chemistry was electrifying and it crackles with raw passion in Raj Kapoor's Awaara. Nargis's wild and carefree sensuality pulsates and Raj Kapoor's scruffy hair-rebellious persona only adds fuel to the fire". Time magazine included the film among the 20 new entries added to All-Time 100 greatest films in 2012.

In India, the film grossed a record of ₹2.1 crore in 1951, making it the highest-grossing film in India up until that time. This record was later beaten the next year by Mehboob Khan's Aan (1952), starring Dilip Kumar, which grossed ₹2.5 crore in 1952. In Turkey, Awaara released in 1955. The film sold 100,000 tickets in its first week of release in Turkey. The total number of box office admissions in Turkey is currently unknown.

In the Soviet Union, Awaara was released in 1954, debuting at Indian film festivals in Moscow and Leningrad which drew about 1.5 million viewers in four days. By the end of the year, it drew an audience of about 64 million viewers in its initial run, the highest for any film in the Soviet Union at the time, until its record was surpassed by Amphibian Man in 1962. At the Soviet box office, Awaara remained the most-viewed Indian film, the third biggest foreign hit of all time, and one of the top 20 biggest hits of all time. In terms of gross revenue, Awaara earned 29 million Rbls ($7.25 million, ₹34.5 million) in its initial run, surpassing Aan to become the highest-grossing Indian film overseas at the time. Awaara's 29 million руб was eventually surpassed by Disco Dancer (1982), which grossed 60 million руб in the Soviet Union. Including re-runs, which were running for 10–12 years, Awaara's footfalls in the Soviet Union amounted to about 100 million box office admissions, which remains among the highest for an Indian film in an overseas market.

The film was also a success in China, where it first released in 1955. In its opening week, the film sold 4 million tickets, including 1.43 million admissions earning a distribution rental income of about CN¥100,000 in Beijing alone. Its 4 million opening-week ticket sales were equivalent to estimated opening-week rentals of approximately CN¥280,000 ($114,000). Prior to its 1978 re-release, the film's initial run had sold a total of 40 million tickets in China. The film's 1978 re-release was a greater commercial success in China. Following its re-release, the film went on to sell a total of more than 100 million tickets,

The song "Awaara Hoon" and actor Raj Kapoor were widely known across China and the Soviet Union. The film's success in both the Soviet Union and China has been attributed to the socialist themes expressed in the film. Awaara also earned significant popularity in Greece, where it was released locally as The Vagabond of Bombay. One song from the film, "Aajao Tadapte Hain Armaan" ("Ab Raat Guzarne Wali Hai") was adapted by Greek musician Stelios Kazantzidis and produced into the hit, "Mantoubala" (1959). The film Awaara and the song "Awaara Hoon" are believed to have been among Chairman Mao's favourite films and songs, respectively. Awaara was referenced in the 2000 Chinese film Platform. In 2023, Time Out ranked it #20 on its list of the "100 Best Bollywood Movies."

Due to the film's remarkable success with Turkish audiences, Awaara was remade in Turkey a total of eight times. The first and most prominent Turkish film remake was Avare (1964) starring actor Sadri Alışık and actress Ajda Pekkan, another Turkish remake was Benim Gibi Sevenler (1977) by Temel Gürsu. There was also an Iranian film remake, called The Wheel of the Universe (1967). However, this version may have been a remake of the Turkish remake Avare, rather than a direct remake of the original Awaara.