[2] Although the lyrics are optimistic, writer James Perone points out that aspects of the music, such as a modulation to a minor key, suggest that the singer's happiness may be only temporary.

[2] The author of The Elton John Scrapbook, Mary Anne Cassata, interprets the song as a "two-minute forty-five second dirge of despair...that somehow soared with hope enough to make Brian Wilson proud.

[4] Rosenthal thus interprets the theme of "If the River Can Bend" as expanding on that in "Harmony" to encompass the musical partnership between John and Taupin.

[4] "Harmony" was a candidate to be the fourth single from Goodbye Yellow Brick Road, following the title song, "Saturday Night's Alright for Fighting" and "Bennie and the Jets.

[5][6] DJM Records eventually released the song as a single in the UK in 1980, backed with "Mona Lisas and Mad Hatters", to support the compilation album The Very Best of Elton John.

"Harmony" was popular on American FM playlists of the day, especially WBZ-FM in Boston, whose top 40 chart allowed for the inclusion of LP cuts and B-sides as voted for by listeners.

"[3] Rosenthal praises John's piano playing, Nigel Olsson's drumming and Del Newman's orchestral arrangement.

[7] Classic Album Sunday's founder Colleen Murphy regards "Harmony" as a personal favourite, describing it as "poignant".