The critical reception of They Shoot Horses, Don’t They? upon its release was notably divided. While some literary critics hailed the novel as a minor masterpiece, others claimed that McCoy's writing was a mere imitation of James M. Cain's style or viewed it as inferior to the works of Nathanael West. Despite these critiques, McCoy's novel has carved out a distinguished place in literature as a poignant depiction of the Great Depression, even if it has slipped from the collective memory of the modern reader.

The novel experienced a resurgence in popularity in 1969, largely due to the acclaimed film adaptation directed by Sydney Pollack. This cinematic rendition brought newfound attention to the story, with Jane Fonda and Michael Sarrazin taking on the roles of Gloria and Robert, respectively. The film's success was underscored by Gig Young's performance as Rocky Gravo, which earned him an Academy Award, further cementing the story's place in cultural history. This revival not only highlighted the enduring themes of McCoy’s work but also reaffirmed its significance as a cultural artifact representing the era's struggles and societal commentary.