Released by Arista Records on March 15, 1975, arranged, conducted, and coordinated by Peter Matz, the album's fifteen tracks are performed by Streisand, James Caan, and Ben Vereen.

A sequel to the 1968 musical comedy-drama Funny Girl, the songs extend the semi-biographical account of the life of American performer Fanny Brice.

The soundtrack divided music critics, with some negative notes on Caan's singing abilities, while others found it a worthy companion of the film.

[2][3] It features fifteen songs, with a majority of them being brand new tracks written by the songwriting duo of Fred Ebb and John Kander.

[12] The album features a total of fifteen songs, with eleven of them performed solely by Streisand, two of them ("Me and My Shadow" and the medley of "It's Only a Paper Moon" and "I Like Her") are sung by costar James Caan, one of them is by Ben Vereen, and the final one is a duet between Streisand and Vereen; Peter Matz executively produced the entire album, in addition to serving as the audio arranger and conductor.

[15] The duet "So Long Honey Lamb" is another newly recorded song by Ebb and Kander, followed by "I Found a Million Dollar Baby (in a Five and Ten Cent Store)", which was once performed by Brice during her musical Billy Rose's Crazy Quilt.

[18] "I Got a Code in My Doze" was written by Rose and Arthur Fields while "(It's Gonna Be A) Great Day" is a "gospel-rock style" track whose melody was rewritten by Streisand to better suit her.

Here Comes Charlie" precedes "Let's Hear It for Me", which is the album's closing track and an updated version of the Funny Girl original "Don't Rain on My Parade".

A critic from Stereo Review was pleased with Streisand's Funny Lady, stating that it "will surely bring out the ravening glutton I suspect is lurking in all who are her fondest fans".

[24] In his review of the 1998 reissued CD, Ruhlmann listed "Am I Blue" as one of the best tracks on the album; he called it the "chief virtue of the soundtrack [...], even if she sometimes camped [it] up".

[1] Allison J. Waldman predicted that the commercial success of the soundtrack was due to Streisand's previous role and performance in the original film, Funny Girl.