The Time of Our Lives was originally conceived as a release to accompany Cyrus' apparel line with Max Azria.

The Time of Our Lives received generally positive reactions from critics, with some reviews suggesting that the EP was an effective step into adulthood for Cyrus.

In the United States, The Time of Our Lives peaked at number two on the Billboard 200 and was certified triple platinum by the Recording Industry Association of America (RIAA).

In order to support Cyrus' then newly launched, joint apparel line with Max Azria, sold exclusively by Walmart stores, an EP was chosen for release.

[10] With the addition of "The Climb" from Hannah Montana: The Movie, released earlier in 2009, the edition also featured new cover artwork, with photography by Annie Leibovitz.

[15] In order to please audiences, Dr. Luke, Kelly, and Cornish fixated on composing a fun, upbeat song that narrated reflections of Cyrus' personality.

Kesha co-wrote her contributions to "The Time of Our Lives" with the ideal of constructing a party anthem for young audiences, based on her first impression of Cyrus' personality; comedic and likable.

[20] Cyrus described the song as depicting the emotions one feels when one cannot stop thinking of a person and believed it related to numerous fans having their first love.

At first, the song was solely written by the Jonas Brothers for their third studio album A Little Bit Longer (2008), but did not make the final cut.

[27] "Party in the U.S.A." is a pop song with reggae elements[28] while having instrumentation that includes a "clash between feathery jazz guitar chords and a booming synth bassline serving as a hook".

[31] "The Time of Our Lives" is a bouncy, dance-pop song characterized by 1980s synths[27] and a fizzy sound caused by a bubblegum pop background.

[24] "Talk Is Cheap" features lyrics that speak of being extremely irritated after encountering predicaments at a club and others smoking cigarettes.

[41] A music video for "Party in the U.S.A.", directed by Chris Applebaum, was set mainly at a drive-in theater[42] and pays tribute to the film Grease (1978) and Cyrus's parents' courting days.

"When I Look at You" received average to mixed critical reception, ranging from "inevitable hit single" to "inferior ballad",[44][45] and was unable to duplicate the commercial success of "Party in the U.S.A."[46] Its highest international peak was achieved in the United States, where it reached number sixteen, followed by Australia, where it peaked at number eighteen.

Clothed in a tank top that revealed a portion of her bra, black hot pants, and leather boots, Cyrus and her backup dancers appeared from a trailer.

[50] Other critics came to Cyrus' defense, stating that viewers should have fixated on her accomplishments that night, winning six awards, rather than the sexuality of the performance.

[61] Bill Lamb of About.com said, "Cyrus is developing one of the more distinctive vocal instruments in current pop music, and her songs are turning slowly to reflective adult concerns.

[25] Heather Phares of AllMusic thought otherwise, saying that the EP's highlights came when Cyrus "lets her inner rock chick and ballad-singing diva come to the fore."

Phares stated that "If Breakout began to establish Miley Cyrus as a singing star in her own right, free of Hannah Montana baggage, then this Walmart Exclusive EP is another confident step in that direction.

[26] Nick Levin of Digital Spy reviewed The Time of Our Lives, saying that, although not offering much original material, it did provide evidence that Cyrus could successfully dump her Disney Channel-affiliated image.

[32] Michael Hann of The Guardian felt that Cyrus managed to project a very wholesome image of herself but argued that she did not succeed in convincing adult audiences there was anything else to her: "She has her name on plenty of inventive, imaginative and precisely calibrated examples of modern chart pop, songs that would have been noticed beyond her audience of young girls had they come from a more credible source".

[11] Jessica Holland of British newspaper The Observer wrote a favorable review of the EP, noting: "Still not yet 17, Miley doesn't need to worry about slipping yet.

"[24] On the week ending September 12, 2009, The Time of Our Lives entered the Billboard 200 at number three, selling a total of 62,000 copies and becoming Cyrus's eighth release to chart within the top ten.

[65] The Time of Our Lives was certified three-times platinum by the Recording Industry Association of America (RIAA) for shipments of over three million copies.

[69] The Time of Our Lives was certified gold by the Australian Recording Industry Association (ARIA) for shipments exceeding 35,000 copies.

[72] On the fourth week ending of January 2010, The Time of Our Lives debuted at number ten on the Japanese Albums Chart, selling an estimated 15,000 copies.

[76] In Ireland, it peaked at number nine and was certified platinum by the Irish Recorded Music Association (IRMA) for shipments exceeding 15,000 copies.