"Cutthroat Island" was the biggest box office disaster of 1995. It cost a (reputed) $95 million to make, but was panned by the critics, and took only $11 million at the box office. The resulting $84 million 'hole' in the accounts, drove the films producers, Carolco, out of business.

Before Matthew Modine accepted the male lead role, it was reportedly turned down by Michael Douglas, Keanu Reeves, Jeff Bridges, Ralph Fiennes, Charlie Sheen and Michael Keaton.

The 17th-century battle ships used in the film were working replicas and cost US$1 million each.