(A later attempt at re-recording the Girly Sound tapes failed after arguments between Henderson and Phair.) After asking Wood who the "coolest" indie label was, Phair called up Gerard Cosloy, co-president of Matador Records, in 1992 and she asked him if he would put out her record. It was a fairly primitive recording, especially compared to the resulting album. K." Cosloy offered a ,000 advance, and Phair began working on a single, which turned into the 18 songs of Exile in Guyville. The album received significant critical acclaim for its very blunt, honest lyrics and for the music itself, a hybrid of indie rock and pop.
Her 1993 debut studio album Exile in Guyville was released to acclaim; it has been ranked by Rolling Stone as one of the 500 Greatest Albums of All Time.
Ten years after the release of her debut, Phair's fourth album, Liz Phair, was released on Capitol Records and her music began to move in a more pop rock-oriented direction.
While the single "Polyester Bride" received some airplay, and the album received many positive reviews, it was no more successful commercially than her previous records. Phair performed on the main stage along with acts like Sarah Mc Lachlan, Emmylou Harris, Sheryl Crow and Missy Elliott.
She also opened for Alanis Morissette on her 1999 Junkie Tour.
Phair has sold nearly three million records worldwide.