The special featured a live production of the 1954 musical adaptation of Peter Pan, televised from Grumman Studios in Bethpage, New York, starring Allison Williams in the title role and Christopher Walken as Captain Hook.

After bringing NBC's highest Thursday night ratings for entertainment programming since 2004,[6] NBC's entertainment head Bob Greenblatt announced that the network would present another live musical for the 2014 holiday season, and that it had signed Meron and Zadan on to continue their role as producers.

was carried over to Peter Pan, including Zadan and Meron, along with David Chase as music director and Derek McLane as production designer.

"[12][13] The production employed a CGI version of Tinker Bell: rendered live and controlled by a technician, it expressed emotions and thoughts by changing its size and color.

[10][12] Admitting that Peter Pan was not as much of a "bona fide classic" as The Sound of Music, Meron's crew was given flexibility in revising the show's contents.

Irene Mecchi — who is best known for her screenwriting contributions to films such as The Lion King – was brought in to "strengthen and deepen" the portrayal of Captain Hook in the production.

NBC produced five themed Walmart commercials starring Melissa Joan Hart and her family, to air throughout the special.

Lead actress Allison Williams warned viewers in an interview with Entertainment Weekly: “I will say this about last year: today’s audiences like to watch things cynically.

[18] Viewers shared their opinions on social media platforms using the hashtag #PeterPanLive and on the live blog on The Guardian's website, which gave such notes as: "As long and draggy and nonsensical as the show was, NBC didn’t spare any expense with the talent or production and they really pulled it off.

Club's Caroline Siede gave the production a B+, calling it superior to the previous year's performance and a "colorful, competent, occasionally moving piece of musical theater".

The special also brought NBC its second-highest 18–49 ratings on Thursday night entertainment programming since The Sound of Music Live!

to be as high as that of The Sound of Music Live!, but still felt that NBC had a "great night", and thanked the cast and crew for their involvement in "three months of the hardest work I’ve ever seen.

"[30] Nielsen also estimated that over 475,000 posts were made about the telecast on Twitter, which were seen 106.9 million times—more than double the number of views that tweets during The Sound of Music Live!

[31] A behind-the-scenes special, The Making of Peter Pan Live!, was broadcast by NBC on November 26, 2014[11] and seen by 3.02 million viewers.

was included as part of 'The Shows Must Go On' series of musicals launched by Andrew Lloyd Webber on YouTube in response to Covid-19.

[35][36] In 2014, in season 40 of Saturday Night Live, the cast parodied the special, with guest star James Franco as Captain Hook, Cecily Strong as Peter Pan, Kate McKinnon as Wendy, Aidy Bryant as Tonkerbell, Tinkerbell's half-sister who is part housefly and part fairy.