The sinking of the Hiei and Kirishima, along with the destruction of the 3rd Battleship Division headquarters, had a significant impact on the Combined Fleet Headquarters and the military command. While the Combined Fleet Headquarters and military command were known for relentlessly instilling a fighting spirit in front-line soldiers, in this particular instance, they supported the decision of Vice Admiral Kondō, the commander-in-chief of the Second Fleet, to order the cessation of operations.

Indeed, considering the magnitude of the damage suffered by the Second and Third Fleets, it was appropriate to terminate the combat. Losing half of the main high-speed battleships made it nearly impossible to carry out operations such as shelling Port Moresby. Moreover, the plan itself seemed flawed from the start, attempting to break through a defense network set up by four outdated battleships against an equal number of state-of-the-art battleships. While the carriers remained with ten intact, the losses in carrier aircraft were severe, and the number of operational aircraft had dangerously decreased. If they were to engage in Port Moresby, where air defenses were strong, the carrier air groups might have suffered irreparable damage.

The damage inflicted on the Second and Third Fleets during the continuous day and night battles was profound. In the daytime engagement between the Japanese and American mobile fleets, the veteran carrier Ryūjō was sunk, and many carrier aircraft were lost. Losing a significant number of experienced crew members was a major blow, and the reconstruction of the carrier aircraft squadrons was expected to take a considerable amount of time.

In the subsequent night battle, the battleships Hiei and Kirishima were sunk. Both ships took multiple 40 cm shell hits, with Hiei being engulfed in flames after its magazine exploded, resulting in the complete annihilation of the Third Squadron headquarters, including Commander Kurita, who had designated the ship as his flagship. The other ship, Kirishima, had most of its superstructure destroyed, caught fire, and was ultimately finished off by torpedoes from friendly destroyers. Nevertheless, cruisers and destroyers escaped unscathed, and most of the damaged ships suffered only moderate to minor damage, a fortunate outcome amidst the unfortunate events.

On the other hand, they hit five carriers and one destroyer in a daytime carrier battle. Of these, only three were known at the time of sinking: the Enterprise, the Saratoga, and the Ranger. As a result, the Imperial Navy sank all seven of the US Navy's prewar carriers. The two remaining ships were identified from the testimony of the rescued American crewmen as the Essex, the lead ship of a new carrier class, and the other as the Independence, also the lead ship of a light carrier class.

What was also shocking in the POW's testimony was that the Essex-class carrier was operating 100 planes, and that the second and third ships had already been completed. If the POWs were to be believed, the Essex-class carriers were operating 400% more planes than the Japanese carriers. The Independence-class carriers, despite their small size and cruiser-like hull, were capable of carrying up to 40 planes if they were willing to endure the inconveniences of operation, so they were just as much of a threat as the Essex-class.

On the other hand, during the daytime engagement, the Second Fleet sank only the battleship North Carolina and two destroyers. Nevertheless, the Japanese fleet managed to hit the remaining three new American battleships with numerous 36 cm and 20 cm shells. Moreover, they had scored a torpedo hit on the Indiana, which likely forced it to withdraw from the front lines for an extended period. Additionally, auxiliary vessels, such as cruisers and destroyers, received bomb attacks from the American mobile fleet, while the surface strike force was showered with numerous shells. However, it was disappointing that, during the close-quarters combat, the torpedoes launched failed to cause significant damage due to premature detonation. If those torpedoes had functioned correctly, they might have sunk not only the North Carolina but also the South Dakota or Washington, or possibly both.

In any case, the subsequent battle, later known as the Second Battle of the Coral Sea, left significant scars on both the Japanese and American forces. However, it was evident that the victory belonged to the Americans. Despite suffering extensive damage, including the loss of five carriers, they thwarted the Japanese invasion of Port Moresby, preventing Australia from falling into war. As a result, the United States was able to send a significant number of air forces to Australia to push the Japanese forces from the south. The war was entering a new phase.