The script of The Banner of Krivoi Rog was adapted from Otto Gotsche's popular novel by the same name, which was entered into East German schools' curriculum.

Gotsche's book was based on real events which took place in Gerbstedt before and during the Second World War: a man named Otto Brosowski had hidden a Red Banner he received from the miners in Krivoi Rog.

[4] Maetzig, writer Hans-Albert Pederzani, actors Erwin Geschonneck and Marga Legal and cinematographer Erich Gusko were all awarded the National Prize, 1st degree, on 3 October 1968.

[6] Heiko R. Blum wrote that "the overly impassioned style, the hollow words... cannot destroy the picturesque quality of this impressive film, which is modeled after the classical Soviet epics.

"[3] The German Film Lexicon defined The Banner of Kriwoy Rog as "an impressive, historically insightful picture that conveys its propaganda in a humane manner.