Life Story was ultimately certified Platinum by the Recording Industry Association of America (RIAA) for selling 1,000,000 copies in the United States on August 17, 2000.

Roxanne Blanford of AllMusic commended Rob's vocal delivery for being reminiscent of the "smooth, reserved style" of the Notorious B.I.G.

and being able to "construct[s] explicit tales with hooks you can feel and lyrics that stick" concluding that, "[W]ith 20 thoroughly bruising cuts, Black Rob's debut may just succeed in helping Puff Daddy regain the street credibility lost when Combs achieved mainstream/crossover status.

"[3] Kathryn Farr from Rolling Stone gave praise to Rob's skills as a rapper coming across "like a cocky veteran, spitting grim confessions ("Life Story") and baller mantras ("PD World Tour") without breaking a sweat" and Bad Boy's crew of producers supplying the record with "hook-heavy cuts" despite Puff's "threadbare formulas" from previous efforts threatening to pull it down, concluding that "P. Diddy's meddling aside, though, most of Life Story is, well, like whoa!

"[4] Vibe contributor Miguel Burke also praised Rob for being "incredibly adept at constructing graphic, autobiographical episodes and intricate tales" and pointed out Puff's "irritating ad-libs ("Make It Hot")" and "wannabe-rough rhymes ("Down the Line")" as negative qualities, concluding with, "But that doesn't change the fact that although the album gets down and dirty, Life Story is a breath of fresh air.