The film was in production at the time of the 14th Academy Award ceremony, where Donald Crisp won Best Supporting Actor for How Green Was My Valley (1941). Crisp claimed in his acceptance speech that during the week preceding Oscar night, Barbara Stanwyck had forced him to practice accepting the award by handing him every lamp and statue on the set.
The lead role was originally offered to Bette Davis, who sent a memo to Jack L. Warner, saying, "I do wish you'd give 'The Gay Sisters' to someone else." At the time freelance actress Mary Astor was considered for the Geraldine Fitzgerald role but ultimately assigned to The Maltese Falcon (1941) instead.
According to an article in the 31 December 1942 edition of The Hollywood Reporter, a sequel starring Barbara Stanwyck, Nancy Coleman and Geraldine Fitzgerald was planned, but was never made.
Similarities between the film's Gaylord family and the real Vanderbilt family, and the Barclay Square project in the film and New York's Rockefeller Center was noted by Variety's reviewer.