Billboard described "Cold as Ice" as having a "haunting feel" and a "surrealistic chilling effect" produced by its "richly textured instrumentals and gutsy vocals".
Billboard also praised how the song maintains its momentum and intensity. In a contemporary review, music critic
Dave Marsh said that Jones' songwriting on this song and its predecessor single "
Feels Like the First Time" "places him among the better English hard-rock writers." Henry McNulty's contemporary review of Foreigner in the
Hartford Courant called "Cold as Ice" his favorite song on the album, saying it "is propelled by Dennis Elliott|[Dennis] Elliott's drums – they carry the song in the best rock manner – but the interplay between Lou Gramm|[Lou] Gramm's lead vocal and Al Greenwood|[Al] Greenwood's electronic keyboard is what raises this from the rock pile."
Classic Rock History critic Brian Kachejian ranked "Cold as Ice" as Foreigner's 4th greatest song, stating that the piano hook that opens the song "will always go down as one of the signature riffs in classic rock history." Similarly,
Ultimate Classic Rock critic Matt Wardlaw ranked it as Foreigner's 5th greatest song, wondering about how it could have been used as a b-side in some countries given its "famous piano beginning".
Billboard reviewer Gary Graff rated "Cold as Ice" to be Foreigner's 6th greatest song, praising the "insistent, pounding piano", the "full-bodied verses", and "faux operatic backing vocals", and calling the song "a rock-cum-pop classic and a diss track with enough lyrical bite to make most
rappers proud." Jones has rated it as one of his eleven favorite Foreigner songs, saying that it was the first song he wrote and recorded on the piano. ==Charts==