Baghban was conceived by producer and co-writer B. R. Chopra during his 1960s trip across Europe, when he visited a retirement home and was inspired by the householders' story. Although the screenplay was finished in 1973, Chopra did not begin production for decades because he was busy with other projects. After he revived it, principal photography began in July 2002 in Film City with cinematographer Barun Mukherjee. During post-production, it was edited by Shailendra Doke, Godfrey Gonsalves, and Shashi Mane. Baghban's soundtrack was composed by Aadesh Shrivastava and Uttam Singh, with lyrics by Sameer.

The film premiered at the Leeds International Film Festival on 2 October 2003, and was released worldwide the following day. With a production cost of ₹70 million (US$880,000), the film was a commercial success; earning ₹431.1 million (US$5.4 million) at the box office, Baghban was the year's fifth-highest-grossing Indian film. It received mixed reviews from critics; Bachchan and Malini's performances were praised, but the film's storyline and the chemistry between the lead actors were criticised. They received the Screen Award for Jodi No. 1, however, and Bachchan and Malini were nominated for Best Actor and Best Actress at the 49th Filmfare Awards. In 2007, Baghban was remade in Kannada as Ee Bandhana.