Raisa Bruner of Time deemed "I'm Ready" a "blazing new power anthem duet" and praised the "emotional showcase" of the two vocalists, saying that both "Smith and Lovato are on their game here".

[17] She also found that the elements of the song, including "an uplifting gospel chorus and a juicy bass section", makes for a "summer pop mash-up".

He went on to say that both Smith and Lovato "use their vocal gymnastics gorgeously with pitch-perfect singing and it almost feels like they kept fans waiting on the collab long enough just to see them burst into Olympic torch flame with excitement when they finally got the chance to hear it", as "they sound utterly amazing together".

[20] Smith goes on to share that being able to have a "queer Olympics" in the music video was an "amazing" and "exciting" experience, and that it bought them joy, as they enjoyed "learning to wrestle in stilettos".

[21] As such, she wanted to do something that was "sports-related" but still tie it back to "what Smith represents", as Sam noted that for "the gay community, sports was always kind of a traumatizing experience in high school".

"[23] The music video opens on Smith circling a man on the wrestling mat, as they sing about "waiting patiently for a beautiful lover" and vowing to "take that risk tonight" with someone new.

As the instrumental approaches the bridge of the song, Smith lines up for a 100-meter sprint—they and their equally glam competitors dash off in sky-high stilettos, voluminous skirts, and impeccably applied makeup.

These competitors include queer artists and drag queens Valentina, Gigi Goode, Dee TrannyBear, Alok Vaid-Menon, Shea Diamond and Jeffrey C. Williams.

"[20] The way in which the "wrestlers and swimmers don sparkling, glittery outfits, corsets and sky-high stilettos", as well as the flow of the music video, in which "wrestling turns into dancing" and running "into a rainbow display", were elements that were particularly noted as impressive and empowering.