The sound of Full Moon Fever shows a clear influence from Jeff Lynne, who also participated in the production. A more polished sound is perceived, with layers of keyboards and choruses that give it an atmosphere reminiscent of the Beatles. Petty paid homage to his influences, including a cover of The Byrds' "Feel a Whole Lot Better" and making nods to Del Shannon in Runnin' Down a Dream. Songs like Free Fallin' address nostalgia on the path to recognition. The rhythm of A Mind With a Heart of Its Own evokes the style of Bo Diddley, while The Apartment Song features an instrumental interlude with a drum pattern reminiscent of Buddy Holly's "Peggy Sue". The composition of the tracks was mainly based on the collaboration between Petty and Lynne.
The album, released on April 24, 1989, became a commercial and critical success. It reached number 3 on the US Billboard 200 and was certified 5 times platinum there, in addition to 6 times platinum in Canada. Three singles from the record managed to place in the top 20 of the Billboard Hot 100, and five of them topped the Mainstream Rock chart. In 2019, Full Moon Fever was inducted into the Grammy Hall of Fame, and in 2020, Rolling Stone magazine ranked it number 298 on its list of the "500 Greatest Albums of All Time".