The album gained significant momentum after Bowie's performance of "Starman" on the show Top of the Pops in early July 1972, which catapulted the artist to greater notoriety. This track, along with others like "Moonage Daydream" and "Hang On to Yourself", which Bowie had already worked on with his band Arnold Corns, became pillars of the record. The story of Ziggy Stardust did not end with the album; the character was maintained for the subsequent tour, and ideas for a musical based on the concept were later explored in the album Diamond Dogs. The record has been the subject of several reissues, including a 2012 remaster to commemorate its 40th anniversary.
Over time, The Rise and Fall of Ziggy Stardust and the Spiders from Mars has been recognized as a masterpiece by David Bowie, appearing on various lists of the best albums of all time. In 2017, its cultural and historical importance was highlighted when it was selected for preservation in the National Recording Registry by the Library of Congress. The album's creation process was intertwined with that of Hunky Dory, recorded in the same studio and with the same musicians who would later form The Spiders from Mars. The need for material that could be performed live led to the prioritization of songs for this project.