Set in Baguio, the film stars Christopher de Leon and Hilda Koronel as two young people whose friendship blooms into a complicated romance.

Anna reveals that she is unhappy in her marriage as a young, trophy wife to her domineering husband, having travelled to Baguio to spend some time away from him.

Director de Leon and his co-screenwriter Rey Santayana conceived of the film Kung Mangarap Ka't Magising as a tribute to the romantic musicals of LVN Pictures.

[3] As shooting went on, de Leon and Santayana discussed whether scenes should be shot in Manila as well, but the co-writers ultimately decided to keep the entire film in the Cordillera.

[9] An exception, however, was a flashback scene of a cocktail party set in Manila, which was filmed at the home of Narcisa de Leon.

[13] Latonio would go on to score other films including Joey Gosiengfiao's Temptation Island and Laurice Guillen's directorial debut Kasal?.

[3] Kung Mangarap Ka't Magising was also an entry to the 1978 Asian Film Festival, held in Sydney, Australia, alongside de Leon's 1976 directorial debut Itim.

[17] The restored version was included in the "Mike De Leon, Self-Portrait of a Filipino Filmmaker" retrospective at the Museum of Modern Art in New York City in November 2022.

Also included in the retrospective was the documentary by Clodualdo del Mundo Jr., "Si Boyet, Hilda, Atbp," on the filming of Kung Mangarap Ka't Magising.

[18] That same year, the film was included in another retrospective, "Mike de Leon: A Life in (Moving) Pictures," this time at the Three Continents Festival in Nantes, France.

"[26] Composer Jun Latonio won the Gawad Urian and Tinig Award for the musical score of Kung Mangarap Ka't Magising.