* BreakthroughHit: The film's $69.8 million gross made it the Disney studios' first real live action hit since ''Film/TheLoveBug'' in 1969, and established Touchstone Pictures as the go-to brand for live action Disney movies in the 1980s and through the 1990s.
* {{Bowdlerization}}: On the UK's Cinemagic channel, the store clerk's line, "My daughter's lucky. She's anorexic," was edited to remove "She's anorexic."
* TheRedStapler: "Madison" as a first name was virtually unheard-of when this movie came out. (During the first half of the 20th Century, it was in the top 1000 boys' names.) Thanks to ''Splash'', it has been in the [[https://www.ssa.gov/oact/babynames/ top ten girls' names for almost two decades]]. It spent two years in second place, before receding to ninth place in 2012, 2013, and 2014.
* StarMakingRole:
** Creator/DarylHannah
** Creator/TomHanks. He was not unknown, but this was the first sign that he could not only make the transition from television, but outright headline a movie.
* WhatCouldHaveBeen: The scene where a TV show makes Madison upset and Allen explains the TV show is fictional and didn't really happen was originally going to be part of a BrickJoke where Madison later watches a real life plane crash on the news and laughs.