The song won the Billboard Music Award for Hot 100 Single of the Year for 1990. At the Grammy Awards of 1991, the song received a nomination for Song of the Year, losing to “From a Distance” by Julie Gold and performed by Bette Midler. Kids Incorporated covered “Hold On” in 1991 in the Season 7 episode “That’s What Friends Are For”.
The song was featured in the finale of the 2011 film Bridesmaids, performed by the band members as themselves, bringing renewed recognition to the band.
Billboard named the song number 15 on their list of 100 Greatest Girl Group Songs of All Time