[4] Barbie of Swan Lake was released on VHS and DVD on September 30, 2003 by Artisan, later making a television premiere on Nickelodeon on November 16, 2003.

Odette and Lila go meet Erasmus, a troll who takes care of a massive library, to find the Book of Forest Lore, which can tell them how to break the spell; however, they are unsuccessful.

[14][15] In addition, the film has a theme song that plays over the end credits, "Wings", written by Jason Blume and performed by Leslie Mills.

[19] Rating it two-and-a-half stars out of five, the New Straits Times' R. S. Murthi called it "charming" and wrote, "The CGI work is fluid and the dance choreography by the New York City Ballet [...] is superly translated.

"[21] Scott Hettrick of the South Florida Sun-Sentinel wrote that the film has "all the elements of a good fairy tale that [are] delightfully translated here visually in this comforting, entertaining and engaging presentation.

"[22] Describing the film as "teem[ing] with villainy, magic and fantasy", Nancy Churnin in The Dallas Morning News wrote that Barbie of Swan Lake "exceeds expectations"; she noted its educational value.

[23] Reviewing the film for Video Business, Buzz McClain wrote, "Director Hurley overcomes the potential robotic coldness of the digital animation, which at times resembles that of a videogame, by infusing undeniable charm into the story and characters."

[18] Lynne Heffley of the Los Angeles Times called it a "lavishly detailed computer-animated feature whose creativity and sweet nature nearly mitigates its unavoidable product promotion.

[25] A review in The Daily Telegraph opined that "Transformed into cartoon form, Swan Lake isn't exactly a masterpiece", but recommended the film as a way to introduce children to Tchaikovsky.

[26] In a negative review, Robert Gottlieb of The New York Observer opined that Barbie of Swan Lake's "divergences from the ballet are profoundly distorting.

"[27] Two eight-year-old reviewers for Newsday rated the film 4/5 stars, writing that they enjoyed its "beautiful music and dancing" and "nice message about believing in yourself.

"[28] In a 2021 retrospective review, The Sunday Telegraph called it a "gentle tale" and wrote, "The 2003 animation looks a bit dated now but it can still capture the imagination.