Cameron's inspiration for the film came from his fascination with shipwrecks; he felt a love story interspersed with the human loss would be essential to convey the emotional impact of the disaster. Production began in 1995, when Cameron shot footage of the actual Titanic wreck. The modern scenes on the research vessel were shot on board the Akademik Mstislav Keldysh, which Cameron had used as a base when filming the wreck. Scale models, computer-generated imagery, and a reconstruction of the Titanic built at Baja Studios were used to re-create the sinking. The film was co-financed by Paramount Pictures and 20th Century Fox; the former handled distribution in North America while the latter released the film internationally. It was the most expensive film ever made at the time, with a production budget of $200 million.

Upon its release on December 19, 1997, Titanic achieved significant critical and commercial success. Nominated for 14 Academy Awards, it tied All About Eve (1950) for the most Oscar nominations, and won 11, including the awards for Best Picture and Best Director, tying Ben-Hur (1959) for the most Oscars won by a single film. With an initial worldwide gross of over $1.84 billion, Titanic was the first film to reach the billion-dollar mark, and became the highest-grossing film ever at the time, until Cameron's Avatar surpassed it in 2010. A 3D version of Titanic, released on April 4, 2012, to commemorate the centennial of the sinking, earned it an additional $343.6 million worldwide, pushing the film's worldwide total to $2.18 billion and making it the second film to gross more than $2 billion worldwide (after Avatar). In 2017, the film was re-released for its 20th anniversary and was selected for preservation in the United States National Film Registry.

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