Author Christopher Feldman in his book,
Billboard Book of Number 2 Singles, described the song as a "tender ballad."
Larry Flick stated that it finds Madonna "inside an easy-paced pop chugger that is etched with slightly Caribbean percussion. Subdued synth pulses frame Madonna's pensive performance." Author Rikky Rooksby noted the song as one of Madonna's biggest ever singles and a stronger cut.
James Hamilton from
Music Week's
RM Dance Update deemed it a "sweetly warbled quovery slow roller". John Kilgo from
The Network Forty said that the song is "compared as a half-beat faster than the earlier Madonna smash, 'Live To Tell', the production grooves while the lyrics are ballad-like." Terry Staunton from
NME declared it as "a flat ballad about fond memories of days gone by." Sal Cinquemani from
Slant Magazine praised it as a "soundtrack gem". Pete Stanton from
Smash Hits gave it three out of five, viewing it as "a slow, uneventful, but quite charming tune." Author J. Randy Taraborrelli in his biography of Madonna called the song a beautiful one. According to him, "it sounds like a flick theme too, equipped with smart chords and big emotion. It is reminiscent of another movie theme of Madonna's, '
Live to Tell' (1986)." Music critique Peter Buckley noted that the song was atmospheric and one of Madonna's best works, showing her ability to stay in touch with and adapt to musical developments. "I'll Remember" earned nominations for
Best Song Written Specifically for a Motion Picture or for Television at the
37th Grammy Awards and
Best Original Song at the
52nd Golden Globe Awards. Robbie Daw from
Idolator listed it as one of "Madonna’s 10 Best Songs That Radio Forgot", saying that "Madge has lost many friends and lovers over the years, but here she turns lemons into lemonade by cherishing the good times and learning from 'the way that you changed me'." Journalist
Matthew Rettenmund listed the "Guerilla Beach" remix of the song at number nine on his list of "The 25 Best Madonna Remixes", describing it as "spacey" and believing it to be "markedly superior to the lovely but unassuming original". In 2014, Graham Greymore from
Queerty listed "I'll Remember" as one of the "12 Most Underrated Madonna Songs Of All Time". While ranking Madonna's singles, in honor of her 60th birthday,
The Guardians Jude Rogers placed "I'll Remember" at number 42, praising its "atmospheric" verses. ==Chart performance==