Perfecto chose to cover the song because he listed Cruz as one of his many musical influences on the preceding interlude track of the album.

[3] That same year, fellow reggaetón singer Nicky Jam also covered "La Vida Es Un Carnaval".

Brazilian singer Daniela Mercury included a Portuguese version of the song in her 2009 album Canibália, called "A Vida é um Carnaval".

[7] On June 24, 2020 during the COVID-19 pandemic Cuban-American singer-songwriter Giselle Bellas released a cover, titling it "La Vida Es Un Carnaval: Live Quarantine Edition".

In October 2020, Ivy Queen performed a virtual duet of the song with Cruz at the Calle Ocho Festival in Miami.