The film is based on characters from Ted Key's "Peabody's Improbable History" segments of the animated television series The Adventures of Rocky and Bullwinkle and Friends.

[6] Mr. Peabody & Sherman features the voices of Ty Burrell, Max Charles, Ariel Winter, Stephen Colbert, Leslie Mann, and Allison Janney.

Andrew Kurtzman was set to write the screenplay, based on the pitch, developed by Minkoff with his longtime producing partner Jason Clark.

After Sherman bites Penny in self-defense, Peabody is called in for a meeting with Principal Purdy and Ms. Grunion, a child protective services agent.

Sherman returns to school, having not only become friends with Penny but also strengthened his bond with Peabody, with King Tut and Leonardo da Vinci having modern day 'artifacts', while Agamemnon marries Ms. Grunion.

In addition to Leonardo da Vinci, King Agamemnon, and King Tut, the film features other historical figures including Albert Einstein (Mel Brooks),[20] Mona Lisa (Lake Bell),[12] Marie Antoinette (Lauri Fraser),[15] Maximilien Robespierre (Guillaume Aretos),[15] George Washington, Abraham Lincoln, Bill Clinton, Isaac Newton (all voiced by Jess Harnell),[19] Odysseus (Tom McGrath),[19] Ajax the Lesser (Al Rodrigo)[19] and Spartacus (Walt Dohrn).

Other voices include Stephen Tobolowsky, Allison Janney, Mel Brooks, Stanley Tucci, Patrick Warburton, Lake Bell, Zach Callison, Karan Brar, and Dennis Haysbert.

These influences guided the creation of environments, character poses, and textures, emphasizing clean silhouettes and simple, readable designs to retain the essence of the original show.

Complex sequences, such as one depicting Sherman growing younger through time, required extended pre-production and weekly review meetings to address unique visual and technical challenges.

[29] Peter Andre wrote and performed for the film a song titled "Kid",[30] which is played during the British version of the end credits, instead of Grizfolk's "Way Back When".

[11] The last shift happened in February 2013, which pushed the film back to March 7, 2014, reportedly due to a "more advantageous release window", again replacing Me and My Shadow.

[37][38] The short was directed by Gary Trousdale, who is known for co-directing Disney's Beauty and the Beast, produced by Nolan Cascino, and written by Thomas Lennon and Robert Garant.

[41] In the United States and Canada, Mr. Peabody & Sherman was released alongside 300: Rise of an Empire, and was projected to gross $30 million from 3,934 theatres in its opening weekend.

[45] Forbes attributed the underperformed to lackluster marketing and lack of interest for the youngest moviegoers,[44] while Katharine Trendacosta of Gizmodo felt the low opening was because it was "too clever" for audiences.

The site's critical consensus reads, "Mr. Peabody & Sherman offers a surprisingly entertaining burst of colorful all-ages fun, despite its dated source material and rather convoluted plot.

[52] Peter Bradshaw of The Guardian said: "(The film) takes a little while for the audience to get up to speed, but once this is achieved, there's an awful lot of unexpected fun to be had,"[53] while Mark Kermode of the sister paper The Observer declared, "Pleasant to report, then, that DreamWorks' latest offers a fairly consistent stream of sight gags and vocal slapstick, even as the plot veers wildly down a wormhole in the time-space continuum.

Club gave the film a C+, saying, "Unlike the whimsical, slapstick-driven shorts on which it's based, this feature-length adaptation adds an obligatory emotional arc that feels at odds with the zany spirit of historical time-travel tales.

"[55] A. O. Scott of The New York Times gave the film a positive review, saying, "This DreamWorks Animation production, directed by Rob Minkoff (Stuart Little, The Lion King) from a screenplay by Craig Wright, is not perfect, but it is fast-moving, intermittently witty and pretty good fun.

"[20] Bill Goodykoontz of The Arizona Republic gave the film two and a half stars out of five, saying, "It retains the main characters, the WABAC machine, the trips through history – but not the sense of nuttiness that made the TV cartoon so delightful.

"[60] Elizabeth Weitzman of New York Daily News gave the film three out of four stars, saying, "Burrell doesn't quite capture the wry deadpan of the original, but then, neither does the movie.

"[63] Soren Anderson of The Seattle Times gave the film two and a half stars out of four, saying, "Frantically paced by director Rob Minkoff (The Lion King) and making very effective use of 3D – Hey!

"[66] Liam Lacey of The Globe and Mail gave the film two and a half stars out of four, saying, "Mr. Peabody is fast-paced and jammed with rib-poking historical references, but it couldn't be called witty, even on the broadly winking level of the original cartoon.

"[68] Owen Gleiberman of Entertainment Weekly gave the film a B, saying, "Mr. Peabody & Sherman has a zesty time mixing and matching historical figures, from Marie Antoinette to George Washington.

"[69] Michael O'Sullivan of The Washington Post gave the film one out of four stars, saying, "By visual standards alone, the characters, rendered in eye-popping 3-D, resemble nothing so much as Macy's Thanksgiving Day Parade floats.

"[70] Sean Daly of the Tampa Bay Times gave the film a B, saying, "Before getting sucked into a what-the-wormhole ending that will scramble young brains, time-travel romp Mr. Peabody & Sherman is a fast, fun 3-D getaway.

"[71] Tom Huddleston of Time Out gave the film two out of five stars, saying, "This feature-length Mr Peabody & Sherman is by no means unbearable: there are a few decent gags, and the episodic plot just about manages to hold the interest.

"[73] Steven Rea of The Philadelphia Inquirer gave the film three out of four stars, saying, "Mr. Peabody & Sherman has a cool, midcentury-modern look (dog and boy live in a populuxe Manhattan penthouse) and a voice cast that may not be A-list but fits the bill nicely.

"[74] David Gritten of The Daily Telegraph gave the film four out of five stars, saying, "It's sweet-natured and amusing, with a story to captivate kids; yet the script has enough witty touches to keep adults laughing too.

[84] After being revealed as time travelers at the end of the film, Mr. Peabody and Sherman launch a live TV variety show, hosting various historical figures at their Manhattan penthouse.