Music critic Cub Koda noted the "grim shipwreck story line" and called it "one of the most effective hard rock songs ever". Guitar World magazine ranked it number 34 on their list of the "100 Greatest Guitar Solos".
Despite its popularity and critical acclaim, "Nantucket Sleighride" was not released as a single. Mountain bassist, Felix Pappalardi said in a 1995 interview that the record company decided that "Nantucket Sleighride" was "too weird and wouldn't be a hit."