The song became a number-one hit on the Billboard Hot 100, Seger's only such top mark singles-wise.
In the Album Rock Tracks chart, the track became Seger's second number-one hit, spending four weeks at the top.
In Canada, it went to number one as well, topping the RPM 100 national singles chart on August 1 of the same year.
In 1988, "Shakedown" was nominated for both the Academy Award for Best Original Song and Golden Globe Award for Best Original Song.
At the 60th Academy Awards, "Shakedown" was performed by Little Richard.