Allmusic's Stephen Thomas Erlewine complimented the artists involved for not settling for "mere replications" of Holly's song, for playing "fast and loose", and for "radically reinterpreting the original" recordings.

[10] BBC Music contributor Mischa Pearlman complimented performances by Smith, Lou Reed, Cee Lo Green, and Julian Casablancas, as well as Kid Rock's "soulful" cover and Modest Mouse's "hushed reimagining" of "That'll Be the Day".

[9] Marc Hogan of Spin magazine gave Rave On Buddy Holly an eight rating on a ten-point scale and described Green's performance as "so good it'll give you hiccups".

[13] NPR contributor Stephen Thompson wrote a positive review of the album, claiming that the featured musicians "prove to be a nice fit for Holly's timeless words and tunes" and "give this collection the sweetness its source material demands, without losing sight of the melancholy that lies beneath.

"[4] One reviewer for The Salt Lake Tribune expressed similar sentiment, describing the album as a "fitting, often avant-garde and unusually fun tip of the hat to one of the best penners of melodies ever", specifically highlighting contributions by Green and McCartney.