Bhaag Milkha Bhaag was a critical and commercial success, grossing over ₹100 crore at the box office. The film received widespread praise from critics, with many praising Akhtar's performance and the movie's inspiring story. The film also won numerous awards, including the National Film Award for Best Feature Film in Hindi.

The story traces Milkha Singh's life from his childhood, which was scarred by the 1947 Partition of India and Pakistan, to his rise as a world-class champion.