Follies opened on Broadway on April 4, 1971 at the Winter Garden Theatre, directed by Harold Prince and Michael Bennett, with choreography by Bennett. It starred Alexis Smith (Phyllis), John McMartin (Benjamin), Dorothy Collins (Sally), Gene Nelson (Buddy), and Yvonne De Carlo, along with several veterans of the Broadway and vaudeville stage. Even though the production ran for well over a year (522 performances), it was not considered a success, and lost money. This was due partly to the rather bleak nature of the show itself, particularly Goldman's book. Frank Rich, for many years The New York Times's chief drama critic, wrote on the occasion of the 1985 concert performance that audiences at the original production were baffled and restless.[2] Goldman subsequently revised his work right up to his death, which occurred shortly before the 1998 Paper Mill production. Sondheim too has added and removed songs that he judged to be problematic in various productions.

The plum supporting role of Carlotta Campion, the seenitall exFollies girl who sings the showstopping "I'm Still Here," was created by Yvonne De Carlo in 1971, and has subsequently been given often to a celebrated veteran performer.

For commercial reasons, the cast album was cut from two LPs to one early in production. Most songs were therefore heavily abridged and several were left entirely unrecorded. ("One More Kiss" was omitted from the final release for time reasons, but was restored for CD release.)