First we had King Kong (1933), one of the most important and first large monster films, than we had giant insects... the point in which you thought that all large monster films are gonna die... but, no worries, Japanese are always there to save the day. Godzilla (1954), is bigger, badder, better, meaner, faster, and more artistic than any other monster films. It's the movie that sets some new standards.
The film was based upon the story of Shigeru Kayama "Gojira" from the words "gorilla" and "kujira" (whale). It's without any doubt one of the most significant SF films in Japanese cinema, and we have a proved fact that this movie has a large number of sequels, a US remake, an animated series and we are expecting something new. This movie of Inoshiro Honda is based upon foundation of already tried stories: A large monster suddenly comes alive, and it's growing in catastrophe for human civilization. You can easily say that the story motives are the same just like in the Frankenstein (1932), for example... But Japanese view of these thing is different. Godzilla is not appearing for some purpose, he is there only for the plot, he is an unstoppable, blind force ready for destruction, and there's also a human's error of his interfere in nature, so by the looks of things, the large monster is some kind of "payback" from mother nature.
The movie has good acting crew, excellent direction, an inspiring and brilliant music score by Akira Ifukube, who also made Godzilla roars, the special effects were also great, done by Eiiji Tsuburaya. And from this moment, this movie is a great inspiration to many more monster films... we are expecting more today.