Two of the film's characters are thought to be modeled after the musician Nico. The blonde hair and dark mascara of Nico is reflected in the styling of Margot; additionally, Chas's son Ari shares a name with Nico's son. Her songs "These Days" and "The Fairest of the Seasons" are featured in the movie.

According to Anderson's DVD commentary, E. L. Konigsburg's book From the Mixed-Up Files of Mrs. Basil E. Frankweiler, in which the characters Claudia and Jamie run away to live in the Metropolitan Museum of Art in New York, inspired the story of Margot and Richie hiding out in a museum.

The paintings in Eli's apartment are by Mexican artist Miguel Calderón.

The score to The Royal Tenenbaums was composed by Mark Mothersbaugh. The soundtrack also features rock songs from the 1960s, 1970s, and 1980s.

There have been two soundtrack album releases for the film. The first, in 2001, was well-received by most critics, though some songs were omitted; notably, Paul Simon's "Me and Julio Down by the Schoolyard", Van Morrison's "Everyone", John Lennon's "Look at Me", The Mutato Muzika Orchestra version of The Beatles' "Hey Jude" and two tracks by The Rolling Stones. Erik Satie's "Gymnopédie" was also used in the film, but never appeared on either soundtrack.

In 2002, the soundtrack was re-released with three songs not found on the 2001 release, but the two songs by The Rolling Stones ("She Smiled Sweetly" and "Ruby Tuesday") were not included, because, while the band allow their music to be used in films, they rarely allow the songs to appear on soundtracks. The Van Morrison track, which served as the closing credits song, was also still missing. Additionally, the "Lindbergh Palace Hotel Suite," credited as original music by Mark Mothersbaugh on the 2001 release, was retitled on the 2002 soundtrack release as "Sonata for Cello and Piano in F Minor," performed by The Mutato Muzika Orchestra.

Elliott Smith's song "Needle in the Hay" is heard during the scene in which Richie Tenenbaum attempts suicide by slitting his wrists.

In common with Anderson's other films he makes extensive and careful use of typography, in particular Futura and its variation Futura Bold. It is suggested that the typography is used to identify the characters, with Futura used almost entirely in scenes featuring members of the Tenenbaum family, but other typefaces such as Helvetica used with people outside the family e.g. on Raleigh St. Clair's books. Anderson also uses the Futura typeface widely in Bottle Rocket, Rushmore and in the title of The Life Aquatic.

The film was met with mostly positive reviews, viewed by many as a worthy follow-up to Anderson's previous film, Rushmore. Todd McCarthy of Variety called the film "As richly conceived as the novel it pretends to be" and Richard Schickel, in Time, writing, "As with Anderson's Rushmore, there's a certain annoying preciousness to this film—it's not so consistently wise or amusing as he thinks it is—but it has its moments." Roger Ebert praised the film's writing, noting his belief that the film was "proof that Anderson and his writing partner, the actor Owen Wilson, have a gift of cockeyed genius." Mike LaSalle of the San Francisco Chronicle was enthusiastic in praising the film as "like no other, an epic, depressive comedy, with lots of ironic laughs and a humane and rather sad feeling at its core."