The film helped launch the careers of Anderson and Schwartzman, while establishing a "second career" for Murray as a respected actor of independent cinema. Rushmore also won Best Director and Best Supporting Male awards at the 1999 Independent Spirit Awards while Murray earned a Golden Globe nomination for Best Performance by an Actor in a Supporting Role in a Motion Picture.
Max's life revolves on Rushmore Academy, where he is a scholarship student. Max spends nearly all of his time on elaborate extracurricular activities, caring little how it affects his grades. He also feuds with the school's headmaster, Dr. Guggenheim (Brian Cox).
Blume finds his operation of a multimillion dollar company to be unsatisfying and is frustrated that his marriage is failing and the two sons he's putting through Rushmore are unrepentant brats. He and Max become close friends; Max admires Herman's success while Herman is impressed by Max's cocksure attitude.
Ms. Cross arrives at the academy as a new teacher after the death of her husband (and former Rushmore student), and Max quickly develops an infatuation. He makes many attempts at courting her. While she initially tolerates Max, Ms. Cross becomes increasingly alarmed at his obvious obsession with her. Along the way Blume attempts to convince Max that Ms. Cross is not worth the trouble, only to fall for Rosemary himself. They begin dating without Max's knowledge.
Eventually, Max's friend Dirk (Mason Gamble) discovers the relationship and informs Max, initially as payback for a rumor Max started about his mother. Max and Blume go from being friends to mortal enemies. The two engage in a back-and-forth series of revenge on each other. Max informs Blume's wife of her husband's affair, ending their marriage. Max also cuts the brake lines on Blume's car, for which he is arrested. Meanwhile, Blume destroys Max's bicycle with his car.
After Max attempts to break ground on an aquarium without the school's approval, he is expelled from Rushmore. He is then forced to enroll in his first public school, Grover Cleveland High. Attempts to engage in outside activities at his new school have mixed results. He eventually begins spending time as an apprentice to his father, a barber. A fellow student, Margaret Yang (Sara Tanaka), tries to engage Max, but he pays little attention to her.
One day, Dirk stops by the barber shop to apologize to Max and bring him a Christmas present. In the process, Dirk suggests Max see his old headmaster in the hospital, knowing Blume will be there, as well. Max and Blume meet and are cordial, but Max finds out that Ms. Cross broke up with Blume. However, he does manage to bring Dr. Guggenheim out of his coma.
Max takes his final shot at Ms. Cross and is rebuffed again. Max makes it his new mission to win Ms. Cross back for Blume. His first attempt is unsuccessful, but then he invites both Herman and Rosemary to the performance of a play he wrote, making sure they will be sitting together. In the end, Ms. Cross and Blume appear to reconcile. Max and Margaret Yang also become a couple.
The movie ends with Max and Ms. Cross looking at each other enigmatically as they share a dance at the play's wrap party.
Cast directors considered 1,800 teenagers from the United States, Canada, and England for the role of Max Fischer before finding Jason Schwartzman. In October 1997, approximately a month before principal photography was to begin, a casting director for the film met the 17-year-old actor at a party thanks to his cousin and filmmaker Sofia Coppola. He came to his audition wearing a prep-school blazer and a Rushmore patch he had made himself. Anderson almost did not make the film when he could not find an actor to play Max but felt that Schwartzman "could retain audience loyalty despite doing all the crummy things Max had to do". Anderson originally pictured Max, physically, Mick Jagger at age 15 to be played by an actor like Noah Taylor in the Australian film Flirting - "a pale, skinny kid". When Anderson met Schwartzman, he reminded Anderson much more of Dustin Hoffman and decided to go that way with the character. Anderson and the actor spent weeks together talking about the character, working on hand gestures and body language.
At one point, Anderson toyed with the idea of shooting the private school scenes in England and the public school scenes in Detroit in order to "get the most extreme variation possible," according to the director. The film was shot in and around Houston, Texas where Anderson grew up. His high school alma mater, St. John's School, was used for the picturesque setting of Rushmore Academy. Lamar High School in Houston was used to depict Grover Cleveland High School, the public school. In real life, the two schools are directly across the street from one another. The film's widescreen, slightly theatrical look was influenced by Roman Polanski's Chinatown.
In his review for the Daily News, film critic Dave Kehr praised Rushmore as "a magnificent work: the best and most beautiful movie of 1998". USA Today gave the film three out of four stars and wrote that Bill Murray was "at his off-kilter best". Todd McCarthy, in his review for Variety, wrote, "The deep-focus widescreen compositions possess an unusual clarity that adds details and endows the action and humor with exceptional vividness".In his review Time, Richard Schickel praised Rushmore as "an often deft, frequently droll little movie turns into an increasingly desperate juggling act, first trying to keep too many dark and weighty emotional objects aloft, then trying to bring them back to hand in a graceful and satisfying way".
Janet Maslin, in her review for the New York Times, wrote, "It's a particular treat for its skewed, hilarious memories of a cutthroat boyhood". In his review for the The Independent, Anthony Quinn said of Schwartzman that "he perfectly captures the poignancy of a character who understands his failings but hasn't yet the emotional resources to conquer them". In her review for the Washington Post, Rita Kempley praised Schwartzman's performance for winning "sympathy and a great deal of affection for Max, never mind that he could grow into Sidney Blumenthal". Entertainment Weekly gave Rushmore an "A" rating and wrote, "Anderson concentrates on beautifully disciplined filmmaking, employing 1960s British Invasion hits . . . to further define Max's adolescent dislocation".
Anderson, a life-long fan of film critic Pauline Kael, arranged a private screening of Rushmore for the retired writer. Afterwards, she told him, "I genuinely don't know what to make of this movie". It was a nerve-wracking experience for Anderson but Kael did like the film and told others to see it. Anderson and Jason Schwartzman traveled from Los Angeles to New York City and back on a touring bus to promote the film. The tour started on January 21, 1999 and went through 11 cities in the United States.
The Los Angeles Film Critics Association named Bill Murray Best Supporting Actor of the year for his performance in Rushmore. Wes Anderson was named the New Generation honoree. The National Society of Film Critics also named Murray as Best Supporting Actor of the year as did the New York Film Critics. Film critic David Ansen ranked Rushmore the 10th best film of 1998. Spin hailed the film as "the best comedy of the year".
Rushmore is number 34 on Bravo's "100 Funniest Movies". The film was also ranked #20 on Entertainment Weekly magazine's "The Cult 25: The Essential Left-Field Movie Hits Since '83" list.
Buena Vista Home Entertainment released a bare bones edition of the film on June 29, 1999. This was followed by a special edition on January 18, 2000 by The Criterion Collection with remastered picture and sound as well as various supplemental materials, including an audio commentary by Wes Anderson, Owen Wilson and Jason Schwartzman, a behind-the-scenes documentary by Eric Chase Anderson, Anderson and Murray being interviewed on The Charlie Rose Show, and theatrical "adaptations" of Armageddon, The Truman Show and Out of Sight, staged especially for the 1999 MTV Movie Awards by the Max Fischer Players.