It became a signature song of Allen, as well as being covered by Peggy Lee and Pablo Cruise, among others, as well as being included in a number of soundtracks.

The song has appeared in a number of movie soundtracks, including One Crazy Summer (1986), Dominick and Eugene (1988), The Fabulous Baker Boys (1989), Muriel's Wedding (1994), Hotel Sorrento (1995) and Strange Bedfellows (2004).

Undercover, specifically the episode "Coopers on the Run" Pablo Cruise released their cover of "I Go to Rio" in January 1979.

In 2008, the song was covered by Australian guitarist Tommy Emmanuel, on his live album Center Stage.

The melody of the opening piano riff of the song has been re-used by Chocolate in "Ritmo de la noche" and subsequent cover versions Mystic, The Sacados, Lorca and Safri Duo, and by Coldplay in "Every Teardrop Is a Waterfall".