[1] The weekend of The Waterfall II's release, several brief, positive reviews were posted online by outlets such as The Oakland Press, calling it noteworthy;[17] a recommendation by The Kokomo Tribune;[18] Pitchfork, with reviewer Madison Bloom naming it one of six albums to listen to of the week;[19] and Billboard declaring it "the album that will sound great at music festivals in 2021 (and beyond)".

[20] Brooklyn Vegan's notable releases of the week included The Waterfall II for its diverse blending of genres, the strength of James' vocals, and the band's willingness to experiment after over 20 years of performing and recording.

[2] Uproxx's Zac Gelfand named this one of the best new indie music releases of the week;[21] that publication also featured a full review by Steven Hyden that considers this superior to the original Waterfall.

[10] Tyler Clark of Consequence of Sound praised the musicianship of the album but criticized the relative lack of experimentation from the first volume; he recommends it particularly as summer escapism during the difficulties of quarantine in the COVID-19 pandemic.

[15] Mark Richardson of The Wall Street Journal considers this a "mostly serene and reflective record" that focuses on "longing, memory, and spiritual healing" that speaks to James' strengths as a vocalist and considers this album "a remarkably cohesive set that never feels like a collection of leftovers, an album just as good as its predecessor that complements its tone".