Commercially, "Last Dance" peaked at number two on the Gaon Digital Chart and reached the Top 10 on the Billboard Japan Hot 100.

[1] The song was released on December 13 at midnight KST worldwide on iTunes, with the accompanying music video directed by Han Sa Min.

[10] Tamar Herman of Billboard described the track as an "evocative pop-rock ballad that serves as an ode to the band's time together, with the members promising to return to the fans after their mandatory military service.

"[2] Jeff Benjamin of Fuse complimented the "powerful, pop production and subject matter" that gave "Last Dance" an "emotional punch".

Benjamin also felt that the single "reads like a love letter", demonstrating the close connection between BigBang and their fans.