The film was a box office smash when it opened in 1991.
Both of its stars, Geena Davis and Susan Sarandon, were nominated for Oscars. Callie Khouri won an Oscar for her screenplay.
A new print of the film was screened on Thursday at the Motion Picture Academy in Beverly Hills, along with a discussion from some of the key players.
"I've always loved when other movies have their 20th anniversary," Davis told Eyewitness News. "I remember when 'Grease' had the 20th anniversary and I was like, 'Oh, that's so cool.' And now it's me. It must mean I've been around for a while."
Davis said it took her a year to get her now classic role. Sarandon did not attend the event.