The film's depiction of explicit sexual content, objectification, and rampant misogyny have been a subject of controversy since its release. Female characters in the movie are often relegated to the roles of sexual objects, and their treatment is disturbingly dismissive. Scenes of excessive drug use and orgiastic parties often involve the degradation of women, which can be deeply unsettling to some viewers.

While it can be argued that the film accurately portrays the toxic, misogynistic culture that pervaded Jordan Belfort's life and the financial world of that era, critics contend that the movie at times glorifies this behavior rather than critiquing it. The excessive focus on female nudity and objectification can be seen as gratuitous and unnecessary, detracting from the film's otherwise compelling narrative.