At the beginning of the film, Frank Sinatra says The Hollywood Revue of 1929 (1929) is the "first all-talking, all-singing, all-dancing movie ever made". In fact, it wasn't; the first was The Broadway Melody (1929), which was released in February, nine months before "The Hollywood Revue" was released. Indeed, by the time of That's Entertainment! III (1994), narrator Gene Kelly was now calling The Hollywood Revue of 1929, "one of the first all-talking, all-singing, all-dancing movies."
In the "A Pretty Girl is Like a Melody" sequence from The Great Ziegfeld (1936), narrator Frank Sinatra says that Dennis Morgan is singing the song. In fact, Morgan's singing is dubbed by Allan Jones, not because Morgan's well-known tenor voice was unacceptable but because Jones had already pre-recorded the mammoth sequence. At the time, the still unknown Morgan was billed by his real name, Stanley Morner.
During her narrative section, Liza Minnelli erroneously states that her mother, Judy Garland, "once told me that MGM seemed obsessed with Shirley Temple. They even offered Fox Clark Gable and Jean Harlow just to obtain Temple for a picture Metro was preparing. But the deal fell through, so MGM went ahead with the picture and cast Momma in the role of Dorothy in The Wizard of Oz (1939)." In fact, Harlow died before MGM began preparations for The Wizard of Oz.
During his narrative section, Donald O'Connor says that Esther Williams was discovered while working as a model in a Los Angeles department store, when, in fact, Williams was a salesgirl at I. Magnin.
In the "Melody of Spring" sequence from Cynthia (1947), narrator Elizabeth Taylor self-deprecatingly remarks that she "was certainly no threat to Judy Garland or Jane Powell." In fact, Taylor's singing was dubbed in the film, a point emphasized when she turns up ten minutes later in the movie with an entirely different voice in the "It's a Most Unusual Day" sequence from A Date with Judy (1948). In this case, narrator Peter Lawford claims, "That isn't Elizabeth's voice you're hearing. MGM kept her too busy to rehearse and record."