The compilation features 38 songs from Streisand's catalog, in addition to two previously unreleased tracks (covers of "Someday My Prince Will Come" and "You'll Never Walk Alone").

A reissued version of the compilation was distributed by Columbia and Legacy Recordings in 2008 and includes a bonus disc featuring nine additional songs from Streisand's discography.

Critically, the album was noted for being a comprehensive and complete view of her discography, unlike her previous greatest hits releases.

[3] In addition, Streisand included two previously unreleased tracks on the second disc, covers of "Someday My Prince Will Come" and "You'll Never Walk Alone".

William Ruhlmann from AllMusic suggested that the former song was recorded during sessions for A Love Like Ours while the latter was meant for her twenty-seventh studio album, Higher Ground (1997).

Describing her action as "cynical", he wrote: "At this point, even the most die-hard Streisand fan could be forgiven for expressing frustration at yet another release of 'People' and 'The Way We Were'."

[8] In addition to The Barbra Streisand Album and Stoney End (1971), Phyllis Fulford and Michael Miller, authors of the 2003 book The Complete Idiot's Guide to Singing, listed The Essential Barbra Streisand as one of the singer's "CDs that best represent [her] more pop-oriented performances".

[12] In Europe, The Essential Barbra Streisand topped the charts in several countries and has been certified Platinum by the International Federation of the Phonographic Industry for sales upwards of one million.