This short marks Donald Duck's first appearance with Mickey Mouse.
The first cartoon in which Donald Duck loses his temper, and the first in which he does his trademark fighting stance (hopping in place with one fist forward and the other swinging back and forth).
Remade in color (and virtually shot-by-shot) in 1941, most likely to capitalize on the brief revival of the characters Clarabelle Cow, Horace Horsecollar, and Clara Cluck that Disney was having in the other Mickey cartoons of the time. The only real difference here is that the way all the characters are drawn, i.e. their more up-to-date appearances.
The first time Donald is razzed by an orphan, he impersonates Jimmy Durante with a bill resembling his nose and his "Am I mortified!" catchphrase.
The later Mickey Mouse Cartoon "Mickey's Amateurs" from 1937 was directly inspired by "Orphan's Benefit" from 1934. It also features a stage show with various acts interspersed with Donald trying to recite a nursery rhyme.