Its urban contemporary feel was a jolt to listeners who had grown accustomed to the continental mix of soul music, jazz, and European folk styles that the band had displayed on their previous two studio albums.

The initial British pressings of the album were conceived and issued as two 12" EPs in a gatefold sleeve (designed by Simon Halfon with ideas from Paul Weller).

"[3] In a retrospective review for AllMusic, critic Stephen Thomas Erlewine wrote, "Filled with bland, professional soul-pop, few of the songs have memorable melodies and the band tends to meander through the slick arrangements."

He further noted that "Weller's lyrics were self-important and under-developed, with only the hit single 'It Didn't Matter' making a lasting impression among the undistinguished songs that comprised the majority of the album.

In his retrospective review for the album's 30th anniversary, he stated, "The classy touch of The Cost of Loving continues to be a reminder of the band’s [the Style Council's] predilection for slick, smooth, big sound; less simple song structures; as well as jazzy and bluesy instrumentation.