The song was released as a promotional single given to radio stations in December 1984, along with the album's title track, "New Day Rising".

This was something that was very different for a band labeled as hardcore punk, although the song "Never Talking To You Again" from their previous album, Zen Arcade, had also been recorded with an acoustic guitar.

The song was called "a prime example of Hüsker Dü's unique ability to effectively combine wistful, even tender moments with the hardest elements of rock & roll" in a review on AllMusic.

The reviewer added that "Celebrated Summer" is "a step toward the mainstream — unflinchingly melodic and well-produced — but it never compromises the passionate spirit of the band nor the ferocious energy that fuels them.

The song was covered by singer songwriter Mark Kozelek as part of The Finally LP released in 2008.