An ode to classic Hollywood icons, "Celluloid Heroes" analyses the juxtaposition between success and failure in the context of American show business.

Ray Davies, who wrote the song, had spent time in Hollywood and found amusement in "the ironic fact that the stars were on the street and you could walk all over them.

"[4] Kinks keyboardist John Gosling was similarly effusive, recalling, "When Ray put down the vocals to that, I stood in awe of the man!

The song was also the title track of a 1976 collection featuring material originally released while recording for the RCA label, The Kinks' Greatest: Celluloid Heroes.

Record World said of the studio single release that "Ray Davies' masterpiece song about glitter and glory along Sunset Strip displays the Kinks at their very best and should be a smash.