Originally serialized in nineteen parts in McClure's magazine, the book is a seminal example of muckraking, and inspired many other journalists to write about trusts, large businesses that (in the absence of strong antitrust laws in the 19th century) attempted to gain monopolies in various industries.

As a direct witness to the schemes and horizontal integration of John D. Rockefeller and his associates, Tarbell began building the foundations of The History of the Standard Oil Company early with growing senses of interest and discontent.

[4] Several journal and newspaper reviewers addressed The History of Standard Oil Company by praising its calmness in the face of hatred, focus on facts, and genuine exposure of the effects that greed can have on businessmen seeking success.

A 1904 editorial review from The New York Times relayed the highlights of the volumes to the public, noting the diplomatic tendencies of Tarbell within her work – still widely respectful of the achievements of John D. Rockefeller but critical of Standard Oil's business strategies that were unfair and of questionable legality.

[7] In his 2008 book Taking on the Trust: The Epic Battle of Ida Tarbell and John D. Rockefeller, Steve Weinberg described the exposure of Standard Oil as "arguably the greatest work of investigative journalism ever written".