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Hailed as "The World's Mightiest Mortal" in his adventures, Captain Marvel was nicknamed "The Big Red Cheese" by arch-villain Doctor Sivana, an epithet later adopted by Captain Marvel's fans. Based on sales, Captain Marvel was the most popular superhero of the 1940s, as his Captain Marvel Adventures comic book series sold more copies than Superman and other competing superhero books during the mid-1940s. Captain Marvel was also the first comic book superhero to be adapted to film, in a 1941 Republic Pictures serial titled Adventures of Captain Marvel.

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Fawcett ceased publishing Captain Marvel-related comics in 1953, due in part to a copyright infringement suit from DC Comics alleging that Captain Marvel was an illegal infringement of Superman. In 1972, DC licensed the Marvel Family characters and returned them to publication, acquiring all rights to the characters by 1991. DC has since integrated Captain Marvel and the Marvel Family into their DC Universe, and have attempted to revive the property several times. However, Captain Marvel has not regained widespread appeal with new generations, although a Shazam! live-action Saturday morning television series featuring the character ran for three seasons on CBS in the 1970s.

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Because Marvel Comics trademarked their Captain Marvel comic book during the interim between the original Captain Marvel's Fawcett years and DC years, DC Comics is unable to promote and market their Captain Marvel/Marvel Family properties under that name. Since 1972, DC has instead used the trademark Shazam! as the title of their comic books and thus the name under which they market and promote the character. Consequently, Captain Marvel himself is frequently erroneously referred to as "Shazam". Captain Marvel was ranked as the 55th greatest comic book character of all time by Wizard magazine. IGN also ranked Captain Marvel as the 50th greatest comic book hero of all time stating that Captain Marvel will always be an enduring reminder of a simpler time. UGO Networks also placed him as one of the top heroes of entertainment quoting, "At his best, Shazam has always been Superman with a sense of crazy, goofy fun, to wit."