[11] Elliott had generally avoided public performances or recordings outside of guest appearances or occasional singles due to her diagnosis with Graves' disease[12] along with a fear that she was musically irrelevant;[13] Iconology follows the March 2019 release of her collaboration with Lizzo, "Tempo".

[28] Jem Aswad of Variety gave the EP a positive review, calling it "more like a hearty appetizer than a full meal" and noting, "And although the passage of time has inevitably made her sound evoke feelings of nostalgia, these songs are also completely now".

[16] Anika Reed of USA Today reacted to the record positively, writing "the project brings back the Missy fans know and love, with booming bass beats that are the perfect backdrop to showcase her lyrical prowess".

[30] Spencer Kornhaber of The Atlantic gave a mixed review, praising the basic musicality but criticizing it for lacking the experimentation of Elliott's earlier career and saying that the release is "perplexing" with each song "feel[ing] driven by a desire to make a point".

Club agreed with other reviewers that the EP is too brief to satisfy fans but instead argued that the release is a sampler of many of Elliott's styles and wrote that the music "serve[s] as further reassertion of her lasting impact on the industry as a whole... [and] works to further cement her indelible imprint on popular entertainment".

[33] In the Mail & Guardian, Zaza Hlalethwa takes the opportunity to review Elliott's career through Iconology and the VMA award, noting how Elliott's signature vocal delivery has influenced further artists and her music video aesthetic remains unique, even among other musicians who have followed since her debut; the reviewer asserts that the work "pushes no boundaries" while still showcasing the artist's strengths.

[34] Paul Thompson of Vulture gave a brief, mixed review that praises her vocal work but calls the first two opening tracks "replacement-level trap numbers".

"[36] Fred Thomas of AllMusic called the album, "a brief and somewhat awkward sampling of various genre exercises, all fun and lively but nowhere near the excellence of Elliott's best" and the editorial staff of the site gave it three out of five stars.

"[26] PopMatters' Elisabeth Woronzoff gave the album eight out of 10, echoing the desire for more work from Elliot, calling this a "welcomed returned and a hopeful teaser for upcoming projects".