Released on Mercury Records in 1981 to satisfy the contract of the band, which had recently broken up, it was a moderate commercial success, charting in the United States and reviving the band's flagging sales.

[1][2] In the early 1980s, the band was losing its commercial edge, which at least in the United Kingdom was related to the band's close connection with such then old-school rock as Bruce Springsteen in the era of punk rock.

[5] According to NME, the album at least temporarily put an end to the band's commercial decline.

"[1] Though noting that fans might miss Steve Van Zandt, who was not performing with the band at this time, Allmusic indicates that "this is still a storming document of a great act in their prime" featuring "most of the best selections from their Epic and Mercury albums, along with some superb covers.

[9] In that same year, PopMatters compared the album to then-current release Live at the Paradise Theater, finding Reach Up and Touch the Sky superior in sound quality, but preferring the "intensity and performance" of the newer release.