Collateral revitalized the thriller genre, which had experienced a decline in popularity in the early 2000s. The film's success proved that a well-crafted thriller could still captivate audiences and generate significant box office revenue. The movie's exploration of themes such as morality, redemption, and the blurred lines between good and evil added depth to the genre, influencing subsequent thrillers to adopt more complex narratives.

Collateral was a landmark film in terms of filmmaking techniques. The movie's use of handheld camera work, rapid editing, and a predominantly nocturnal setting created a sense of realism and urgency. The film's cinematographer, Robert Elswit, employed a distinctive visual style, using a combination of close-ups, wide shots, and point-of-view shots to immerse the audience in the narrative. This visual approach influenced a generation of filmmakers, with many directors citing Collateral as an inspiration for their own work.

The film's portrayal of a taxi driver (Jamie Foxx) and a hitman (Tom Cruise) locked in a desperate game of cat and mouse also subverted traditional genre expectations. The movie's use of an African American lead character in a major Hollywood film marked a significant step forward in terms of representation and diversity.