According to a 2006 book , " A spate of movies appeared just after the ending of the Second World War , including '' It 's a Wonderful Life '' ( 1946 ) and '' Stairway to Heaven '' ( 1946 ) , perhaps tapping into so many people 's experience of loss of loved ones and offering a kind of consolation . " '' It 's a Wonderful Life '' premiered at the Globe Theatre in New York on December 20 , 1946 , to mixed reviews . While Capra thought the contemporary critical reviews were either universally negative , or at best dismissive , '' Time '' said , " '' It 's a Wonderful Life '' is a pretty wonderful movie . It has only one formidable rival ( Goldwyn 's '' The Best Years of Our Lives '' ) as Hollywood 's best picture of the year . Director Capra 's inventiveness , humor , and affection for human beings keep it glowing with life and excitement . " Bosley Crowther , writing for '' The New York Times '' , complimented some of the actors , including Stewart and Reed , but concluded , " the weakness of this picture , from this reviewer 's point of view , is the sentimentality of it — its illusory concept of life . Mr. Capra 's nice people are charming , his small town is a quite beguiling place and his pattern for solving problems is most optimistic and facile . But somehow , they all resemble theatrical attitudes , rather than average realities . " The film , which went into general release on January 7 , 1947 , placed 26th ( $ 3.3 million ) in box-office revenues for 1947 ( out of more than 400 features released ) , one place ahead of another Christmas film , '' Miracle on 34th Street '' . The film was supposed to be released in January 1947 , but was moved up to December 1946 to make it eligible for the 1946 Academy Awards . This move was seen as worse for the film , as 1947 did not have quite the stiff competition as 1946 . If it had entered the 1947 awards , its biggest competition would have been '' Miracle on 34th Street '' . The number-one grossing movie of 1947 , '' The Best Years of Our Lives '' , made $ 11.5 million
1946 Academy Awards
19th Academy Awards
It's a Wonderful Life