In December 1995,
NME ranked "Waterfalls" number 10 in their list of "
NME Writers' Top 50 Singles of 1995". In 2009, the song was ranked number 32 on
Entertainment Weekly's "The 100 Greatest Summer Songs", saying, "Sad stories from the ghetto, a buoyant hook, and a water image — '90s summer hits don't get any more timely or irresistible." In 2019,
About.com included it in their ranking of "The Best 100 Songs From the 1990s". Bill Lamb stated that "slinky, gently insistent backing horns and guitar combine with smooth, languid vocals to create an instant
R&B classic." He also felt that the song is "a disturbing commentary on street violence and its impact on the lives of young black men." Same year, Daryl McIntosh from Albumism said it is "a rare example of perfect production, poignant songwriting, and flawless vocal delivery." McIntosh added, "The lyrics offer cautionary tales of the allure of street life and uncontrolled sexual exploration. Interwoven by the melodic
chorus".
AllMusic's Stephen Thomas Erlewine wrote that "Waterfalls, "with its gently insistent horns and guitar lines and instantly memorable chorus, ... ranks as one of the classic R&B songs of the '90s." Christine Werthman from
Complex wrote that it "is drenched in water-droplet synth notes, live drums, rising horns, and a bass line that walks wherever it pleases." She noted that "it's a heavy song, but the warnings in the verses are buoyed by a rich, singable chorus, which certainly helped it get radio play." Jeff Benjamin of
Fuse felt that the track was "far more than just another pop hit: The track told a cautionary tale of HIV and AIDS, and its video depicted a man who didn't wear a condom with his girlfriend and later watched his body degenerate in the mirror." In 2017,
Paste ranked the song number two on their list of the 10 greatest TLC songs, and in 2022,
The Guardian ranked the song number one on their list of the 20 greatest TLC songs. In October 2023,
Billboard magazine ranked it among the "500 Best Pop Songs of All Time". After Lopes' death in a car crash in
La Ceiba,
Honduras on April 25, 2002, the lyrics to her verse were engraved upon her casket. ==Accolades==