The song was released digitally on August 4, 2017, as the album's single alongside "All Night" by SM Entertainment.
According to Billboard's Tamar Herman, "Holiday" is a bubblegum pop song that features "bright" funk elements and synthesizers in its composition.
[1] Jacques Peterson from Idolator also noted the "retro-meets-modern flavor" of the track.
She further lauded the group's "diverse vocal colors" expressed via the "high notes and ad-libs" that enabled each of the member to shine.
[1] Idolator's Jacques Peterson wrote, "Even if you don’t listen to K-Pop, these tracks ["All Night" and "Holiday"] are absolute must-haves for any pop playlist this summer.