[9] In the Los Angeles Times, Mikael Wood commented that the song has "the slow-rolling swagger of The Rolling Stones' "Tumbling Dice.

[14] Eve Barlow of Variety believed "it's very easy to imagine an extended hyper emotional scene from The Notebook in the background" while listening to the "tragic, mystifying tale.

"[3] In a similar way, David Dunn of The National thought its "plaintive" hooks and "easy-going" strum helps the song fits in a "teary" scene of Grey's Anatomy.

"[17] Billboard's critics' list placed it seventh on "Every One Direction Solo Single, Ranked" in May 2017, stating "a plaintive strummer in the mold of Beck at his most contemplative or Ryan Adams at his most hungover, "Two Ghosts" is largely underplayed and undeniably effective [...] Not as grand or as riotous as some of Harry Styles' more obvious highlights, but sweetly winning all the same.

In Rolling Stone, Elias Leight opined the singer demonstrated "impressive" vocal range, contorting his voice into a "bruising" rasp and a "light, angsty" falsetto moments later.