In fact, it's considered the most watched movie of all time.
Former munchkin Jerry Maren is now 89 year old. You may remember him from the movie. He sang, "in the name of the lollipop guild, we wish to welcome you to munchkinland."
He remembers being blown away his first day on the set.
"I had never seen a little person before and my God, I was in my glory, meeting eye-to-eye to everybody," Maren said.
Read Kelly Wallace's Oz Blog
"Wizard of Oz Goes Hi-Def
Munchkins Get Hollywood Star
The Empire State Building sparkled rudy red recently, as Jerry and his fellow surviving munchkins celebrated the 70th anniversary of "The Wizard of Oz."
Judy Garland's daughter, Lorna Luft, recalled some of her mom's memories from the set.
"She had a very, very hard time being afraid of Margaret Hamilton," said Luft. "Because Margaret Hamilton was such a lovely woman."
Luft added, "they would try and have tea on the set and Margaret's green makeup would fall in the tea and it all sort of became a disaster."
It could have been a financial disaster. Made for almost $3 million in 1939 - "The Wizard of Oz" didn't make a profit until 10 years later. To date, it's grossed over $227 million worldwide.
The Emerald City has gone blue. As in blu-ray, high-definition DVD.
The wizards at Warner Brothers got the original negative from the vault, and digitally scanned it at high-resolution. Now, the high-def version honors the movie for the Technicolor triumph it once was.
"So what we're able to see now, which was always in the camera negative, are the freckles in Dorothy's face. We're able to see the rivets in the tin man's costume," said Ned Price, VP of Technical Operations at Warner Brothers.
It's a far cry from the way it looked during its television debut in 1956 - when Lorna, her half-sister Liza Minelli, and their mother watched along with nearly 45 million others on CBS.
"I would watch her watch it, and she'd giggle and she'd laugh," said Luft. "My mom will always be Dorothy."
Three munchkins from the cast of "The Wizard of Oz" talk to Kelly Wallace: