[1] Notably referencing the American sport film Million Dollar Baby (2004), the song interpolates Rimes' work "Can't Fight the Moonlight" (2000) from the Coyote Ugly soundtrack.

[7] Bringing together genres of upbeat eurodance and pop,[8][9] the song integrates a spectrum of sounds spanning the 1990s, 2000s and 2010s, with "a little bit of a Michael Jackson energy" as described by Max.

[10][11][12] According to Max, it holds substantial importance in her contemplation of "heartbreak and sadness", as it represents a creative fruition born out of the journey to overcome emotional turmoil.

[3][13] The selection of the song's title by Max serves as a personal affirmation of her "self-worth", with its lyrics carrying a message of empowerment, emphasizing "that one can overcome and achieve anything through focused determination".

[9] Nassim Aziki from Fun complimented the song as "cathy" and saluted Max's "unique signature" with a "powerful" vocal delivery and a "solid" chorus.

[18] Abigail Siatkowski from Los Angeles noted the evident influence of Lady Gaga infused with additional pop flair that contributes to the song's distinct identity.

[19] Reviewing Diamonds & Dancefloors, Nick Levine from NME highlighted the "sleek" production of the song reminiscent of American singer The Weeknd with a Lady Gaga-style vocal hook, noting its unexpected effectiveness despite the potential for a "mess".

[22] Grace Twomey from Renowned for Sound criticized the song as "schlock" with a lack of originality, while providing a "comfortable listen" for those fond of 1980s production and a "plethora of rehashed tunes".

[38][39][40] In November 2023, "Million Dollar Baby" garnered a gold certification from the Polish Society of the Phonographic Industry (ZPAV) for shifting more than 25,000 units in Poland.

[50][51][52] Between October 2022 and January 2023, a compilation of remixes complemented the release of the song, created by notable figures including American producer COASTR., Spanish disc jockey David Penn and English DJ Nathan Dawe.