Like the previous film, it is based on semi-autobiographical stories by Jean Shepherd, primarily from his book In God We Trust, All Others Pay Cash.

The opening makes direct reference to the events of A Christmas Story, and the ending narration strongly parallels it; production delays forced most of the characters to be recast.

Ralphie's plot for most of the film is to find a top tough enough to knock that of a bully's out of a chalk circle in a game of "Kill".

All other housewives, encouraged by Mrs. Parker's act, also start raining down the surplus gravy boats towards Doppler, enraged at the frustration and the apparent fraudulent scheme.

[2] Because the cast of A Christmas Story had aged to the point where they no longer fit their roles, it was entirely recast, with the exception of Tedde Moore, who returns as Ralphie's teacher, Miss Shields.

Entertainment Weekly gave it a B+, noting that the film improves on A Christmas Story, with better pacing and better-defined characters, but found Shepherd's narration to be "oh-so-drolly exaggerated" and "condescending".

[1] Prior to the making of the theatrical film, PBS co-produced a series of TV movies based on the Parker family for American Playhouse including Ollie Hopnoodle's Haven of Bliss, The Great American Fourth of July and Other Disasters, The Star-Crossed Romance of Josephine Cosnowski and The Phantom of the Open Hearth.