The film score was composed by Elmer Bernstein, and is notable for its use of ondes Martenot (a staple of Bernstein's 1980s work) and also the Yamaha DX-7 synthesizer. Orchestrators contributing to the film were Peter Bernstein, David Spear and Patrick Russ.
The film's theme song, “Ghostbusters”, written and performed by Ray Parker Jr, sparked the catchphrases “Who you gonna call? Ghostbusters!” and “I ain't afraid of no ghost.” The song was a huge hit, staying #1 for three weeks on Billboard's Hot 100 chart and #1 for two weeks on the Black Singles chart. The song earned Parker an Academy Award nomination for “Best Original Song”. According to Bruce A. Austin (in 1989), this theme “purportedly added $20 million to the box office take of the film”.
The music video produced for the song became a #1 MTV video. Featuring Cindy Harrell, directed by Ivan Reitman, produced by Jeffrey Abelson, and conceptualized by Keith Williams, the video integrated footage of the film intercut with a humorous performance by Parker. The video also featured cameo appearances by celebrities who joined in the call-and-response chorus, including Chevy Chase, Irene Cara, John Candy, Nickolas Ashford, Melissa Gilbert, Jeffrey Tambor, George Wendt, Al Franken, Danny DeVito, Carly Simon, Peter Falk, and Teri Garr. The video ends with footage of the four main Ghostbusters actors in costume and character, dancing in Times Square behind Parker, joining in the singing.
In autumn 1984 Huey Lewis sued Ray Parker, Jr. for plagiarism, claiming that Parker stole the melody from his 1983 song “I Want a New Drug”. Lewis had been approached to compose the main theme song for the movie, but he declined due to his work on the soundtrack forBack to the Future. The two musicians settled out of court. It was reported in 2001 that Lewis allegedly breached an agreement not to mention the original suit, doing so on VH1's Behind the Music.