The song displays a kitschy aesthetic with pitched-up vocals that some music critics, such as Maurice Marion of Rare Candy, have described as "baby-talk".

Lyrically, the song is simple and details unrequited love but subtly addresses the infantilization and sexualization of pop stars used to market music.

Diamond has performed the song live on multiple occasions, at venues such as The London Edition Hotel and Empire Garage.

[1][2] In an interview with Nylon, Diamond revealed she had met Cook during her "first or second year" at a university, and described becoming a musician as natural and random.

FACT believed "Pink and Blue" to be "[f]olding in J-Pop twinkle, the unease of vaporwave and the sonic palette of ‘90s pop".

[8] Barchi has also described the song as a "universal story of ‘a love unrequited', told in the most basic ABC rhymes at top pitch over a ‘Shanks & Bigfoot go to Disneyland’-style beat".

[13] Without giving a personal opinion on "Pink and Blue", Brendan Klinkenberg of Pigeons and Planes noted that Diamond's "childlike" vocal delivery, persona, and its focus on falling in love, has caused the general response to the song to be divided.

[9] In a 2016 article about PC Music, Kyle MacNeill of Thump deemed "Pink and Blue" "arguably the strongest track to emerge from the collective".