Guitarist Mike McCready stated that the band released the live album due to the strength of Pearl Jam's shows on the tour.

AllMusic staff writer Stephen Thomas Erlewine gave the album three out of five stars.

He said that "Pearl Jam still sounds good, but they lack the wild energy that distinguished their early years.

Professionalism has its good points, however, and it's true that Live on Two Legs is eminently listenable, thanks in no small part to a fine track selection...Live on Two Legs is a souvenir, a thank you to fans who have stood by throughout the years, and on those terms, it's successful.

He said, "Despite the band's continuing self-importance and fuzzy-around-the-edges arrangements, this set of uptight anthems ("Corduroy", "Better Man", "Go") packs a post-grunge wallop.