In the United States, the song reached the top spot of the Billboard Bubbling Under R&B/Hip-Hop Singles chart and was certified double platinum by the Recording Industry Association of America.
[3] After the release of the Dreams and Nightmares single "Young & Gettin' It", Mill recorded the title track at Miami's Ocean Sky Hotel during one of the album's last sessions in September 2012.
[5] Atlantic Records senior vice president of A&R Dallas Martin recalled that Tone the Beat Bully's music was the same throughout when he first played the song, with Mill rapping the first part over piano in the studio.
[4] Tone the Beat Bully then changed the music unannounced and Mill wrote most of his verse to see the reaction of the team, who were impressed with his rapping on the second part.
[3][15][17] For the song's dreams part, Mill chronicles his ascent from the bottom in his early Philadelphia days to the top, recognizing his opportunities and the blessing of a debut album.
Writing for Pitchfork, Jordan Sagent stated that Mill goes from his early days in Philadelphia to strip clubs in Miami on the song, accompanied by a beat "that morphs into menace halfway through".
[17] In a similar review at BBC Music, Marcus J. Moore wrote that the song offers "an intricate depiction" of Mill by choosing to reflect on his past for explaining who he has become and eases into a celebration.
[11] Jesse Cataldo from Slant Magazine was interested in the song's take on "the festive-stage setting", progressing from "a convivial celebration of new success to a scary minor-chord flashback" as Mill becomes serious and threatening.
[14] He continued that Mill is "too hounded by old ghosts" and thought the quick transition "from bubbly self-commemoration to lacerating malice" makes his differences from his mentor and fellow rapper Rick Ross clear, as he is realistic and raw.
[14] For HipHopDX, Edwin Ortiz detailed how the song has all the elements of an album's classic opening: "cinematic piano strokes, beautifully-guided strings and motivating words", abruptly transitioning "into a menacing illustration of spiteful arrogance and threats" that is powered by Mill's loud delivery, providing an indisputable performance that creates high expectations.
[16] The staff of XXL believed Mill rightfully celebrates his much-anticipated victory and "skillfully balanc[es] the two worlds" of dreams and nightmares, nearly sounding possessed in the song's second part.
[8] MTV's Nadeska Alexis assured that the song is a standout on Dreams and Nightmares, creating the tone with "a powerful tale about the grind and struggle to the top" through impactful lines.
[21] Rolling Stone critic Jody Rosen said that for listeners familiar with Mill from his 2010s Dreamchasers mixtapes and appearances on Maybach compilations, the character of "a braggart with a chip on his shoulder and a knack for stacking up nifty interior rhymes" is recognizable.
[25] In a lukewarm review for Prefix Mag, Charlie Kaplan believed that the song tries "at the album's conceit" as an opener and begins awkwardly and unstably, until Mill's "tone changes drastically" in the second part to recognizable in voice and rhythm, albeit repetitive.
[15] In 2015, Stereogum ranked "Dreams and Nightmares" as Mill's best song, with David Turner feeling that he expresses so much "that it can overshadow all his other work", covering his opportunities and lack of chances.
[34] On September 3, Mill appeared for rapper Jay-Z to perform the song during his intermission at the closing set of the Made in America Festival in Philadelphia, serving the same role.
[35] Mill performed the song for the 2018 Summer Jam at the Metlife Stadium in East Rutherford, New Jersey, with a video intro of him and his team riding bikes there that referenced his 2017 arrest, after his recent prison release.
If you come from the bottom, chase your dreams..."[36][37] Mill emerged from the stage of Canadian musician Drake's concert at TD Garden arena in Boston for his Aubrey & the Three Migos Tour on September 8, 2018, performing the song and ending their three-year feud.
Drake called for peace and said Mill is a brother, while Canadian politician Norm Kelly ended his ban on the rapper entering Toronto that the feud caused in 2015.
[40] Mill performed a medley of hits to open the 2019 NBA All-Star Game at the Spectrum Center in Charlotte, North Carolina, including "Dreams and Nightmares" for player LeBron James' team.
[43] On October 6, 2021, Mill appeared for fellow rapper Lil Baby's concert at Prudential Center in Newark, New Jersey on his Back Outside Tour, performing it as the audience sang along.
[50] Fellow rapper Big Sean delivered a freestyle medley over various beats for Cosmic Kev's Come Up Show at Power 99 FM, including the song, on October 14.
[53] In June 2015, TV personality Gonzalo "Papi" Le Batard delivered an a capella cover of the song on ESPN's program Highly Questionable, which Mill posted to his Instagram.
[60] After special teams coordinator Dave Fipp played the song to the Philadelphia Eagles in a January 2018 meeting, they adopted it as their warm-up anthem for Super Bowl LII.
[4][9][61] Once the team played to the song when they defeated the Minnesota Vikings for the NFC Championship on January 21, 2018, its average daily streams across the US increased by almost 1.5 times, according to Amazon Music.
Mill issued a statement on the usage from prison to Bleacher Report and NBC Sports Philadelphia, expressing that his spirit was truly lifted hearing the team "rally around my songs because that's why I make music—to inspire others and bring people together".