Vincent Canby, writing in The New York Times in 1981, stated: "The Wild Party (1975) was made in 1975 but is only now receiving its New York premiere is the result of one of those not atypical fallings-out between the people who actually make movies and those who finance them. The original distributor, American International Pictures, didn't like [Director] Mr. [James] Ivory's version and released, instead, a drastically cut, re-arranged version that did poorly at the box-office. The movie was then put on the shelf for four years. The film being shown at the Art is the one Mr. Ivory and [Producer] Mr. [Ismail] Merchant wanted released in the first place."
The part played by James Coco is partly inspired by silent film star Roscoe 'Fatty' Arbuckle, who had been accused of raping and accidentally killing bit player Virginia Rappe during a party he threw on Labor Day weekend of 1921. Again, Coco's role was inspired by Arbuckle's work, but the movie had nothing to do with the Arbuckle/Rappe case. For one thing, Arbuckle threw his party to celebrate a new and lucrative contract; the character here throws a party to revive a failing career.
Part of a cycle of movies made during the mid 1970s about Tinseltown, Old Hollywood, and its Golden Age including the Silent Film era. The others being Inserts (1975), Valentino (1977), Nickelodeon (1976), Silent Movie (1976), The Last Tycoon (1976), Hearts of the West (1975), The Day of the Locust (1975), and The World's Greatest Lover (1977).
The storyline of Joseph Moncure March's source 1926 "The Wild Party" poem was changed to add in a Roscoe 'Fatty' Arbuckle silent movie star scandal-like story element.
During shooting, director James Ivory called one of the takes of a scene with Raquel Welch "a bit dull" and asked for a retake. Because of this, Welch walked off the set and refused to return until Ivory apologized to her in front of the entire cast and crew. Ivory capitulated and they continued with the scene.