Met with unanimous acclaim, the album received critical praise for Swift's vocals, its enhanced production quality, and the vault tracks.

Swift promoted the album with televised appearances on NBC talk shows and a self-directed short film accompanying "All Too Well (10 Minute Version)".

[16] In a social media post, Swift wrote that re-recording Red made her think of the album, both musically and lyrically, as "resembling a heartbroken person [...], all over the place, a fractured mosaic of feelings that somehow all fit together in the end".

[26][27] Gary Lightbody of the rock band Snow Patrol and Ed Sheeran returned to feature on "The Last Time" and "Everything Has Changed", respectively.

[31] The re-recorded tracks feature Swift's mature, deeper, and more resonant vocals,[23][26][32] and a subtly sharper production that either tweaks or emphasizes certain instruments.

[17][37] "Babe", whose version by Sugarland is a country song, is reworked into a pop-ska and country-pop arrangement[24][37] consisting of slide guitar, keyboards, brass, and percussion.

[39] "Forever Winter" is a power pop song opening with energetic brass[17] before proceeding to the chorus that features Swift's dynamic vocals and incorporates horns, flutes, and guitars.

[43] The cover depicts Swift wearing red lipstick, a beige peacoat, and a burgundy-colored "Matti" fisherman velvet cap, seated in a vintage 1932 Chevrolet Cabriolet convertible with an autumnal background.

[46] On August 5, 2021, Swift posted a video across her social media, teasing a word puzzle for the fans to solve; it spelled out "Chris Stapleton", "Phoebe Bridgers", "Babe", "Better Man", and "All Too Well Ten Minute Version".

[51] Via Republic Records, Red (Taylor's Version) was released for streaming, download, and physical formats of CD and vinyls including limited editions with customized merchandise for the retailors Target Corporation, Walmart, and Urban Outfitters.

[59][60] The following day, she appeared as the musical guest and performed "All Too Well (10 Minute Version)" on a season 47 episode of Saturday Night Live.

[70] Many critics opined that the re-recorded tracks had better production with more emphasis on the instrumentation, including Rob Sheffield of Rolling Stone,[25] Helen Brown of The Independent,[17] and Hannah Mylrea of NME.

[26] Under the Radar's Andy Von Pip[72] and Melissa Ruggieri of USA Today[33] highlighted Swift's vocals as being more mature and warmer.

[73] Some critics such as Bobby Olivier of Spin[74] and Laura Snapes of The Guardian[24] thought that the changes in production and vocals brought forth a less intense listening experience than the original album, but Ruggieri opined that they "don't diminish the spirit of the 2012 edition".

Red (Taylor's Version) was Pitchfork's "Best New Music" of its release week; Olivia Horn summed up the album as a representation of Swift's "ecstatic, expressive vocals, tart humor, vivid imagery, and tender attention to the nuances of love and loss".

[72] Anna Leszkiewicz of the New Statesman described Red (Taylor's Version) as a masterful recount of complicated early-adulthood feelings,[75] and Ana Clara Ribeiro of PopMatters wrote that the re-recorded album upheld the enduring lyrical sentiments that stood the test of time.

[76] In the Financial Times, Ludovic Hunter-Tilney wrote, "the songs' carousel of romantic drama still spins vibrantly, constructed with a winning mix of wit, design and sincerity.

"[28] Beth Kirkbride of Clash said, Red (Taylor's Version) is a "medley of genres" toying with various styles and "an exercise in catharsis".

Bridgewater opined that Red (Taylor's Version) "balances fan service alongside an insightful documentation of one of modern pop's best songwriters at a key juncture in her career", and added that Swift has carefully curated the expanded tracklist without devolving from the album's original appeal.

[69] Slant Magazine's Jonathan Keefe,[77] The Atlantic's Spencer Kornhaber,[78] and Consequence's Mary Siroky felt the expanded album testifies to Swift's musical growth, exuding "a stronger emotional resonance".

[96] The International Federation of the Phonographic Industry recognized Swift as the Global Recording Artist of 2021, marking the third consecutive time.

[104] Red (Taylor's Version) peaked atop the albums charts in the Anglosphere countries, including Australia,[105] Canada,[106] Ireland,[107] New Zealand,[108] and the United Kingdom.

[107] During the release week of Red (Taylor's Version), numerous brands and organizations—such as M&M's, Skittles, the Kansas City Chiefs, Olive Garden, Teletubbies, Taco Bell, Oreo, Sour Patch Kids, and the French Embassy in the United States—used their social media accounts to endorse the album; some of them added "(Taylor's Version)" to their Twitter usernames.

[111][112] Paper wrote that Swift's impact was "felt across social media", with the brands "capitalizing on her momentum",[111] while Inc. said that the companies leveraged the album's cultural relevance.

[118] The Wall Street Journal's Anne Steele highlighted the commercial performance of Red (Taylor's Version)—particularly how its tracks were outperforming the original recordings on streaming platforms and went viral on social media—to say that the album was "reshaping the music industry" and landing "lucrative" licensing deals for usage in motion pictures.

Steele opined that the re-recorded album's success influenced Republic Records' parent company Universal Music Group to implement stricter terms in recording deals by doubling the time before an artist can re-record their music, but they also increased royalty payments to artists following their demands for better revenue shares.