. "I Should Be So Lucky" garnered positive reviews from some music critics. Nick Levine from
Digital Spy called it a "standout track". Chris True from
AllMusic had reviewed the album, and highlighted the song as an album standout. But as a separate rating, they gave the single three stars out of five. In the review of
The Best of Kylie Minogue (2012), Tim Sendra highlighted it as an album standout. Hunter Felt from
PopMatters gave it a positive review, stating "something about Kylie’s innocent yet forceful vocals and the sheer catchiness of the song itself [...] So the song became a beloved secret, and I never bothered to try to tune my friends in on "I Could Be So Lucky", or, crazier yet, proclaim that this "has-been" would be a critical and commercial darling in a few years time." However, he did say the song was
clichéd.
James Hamilton of
Record Mirror called the song a "typically catchy shrill bpm rinky tinky canterer from Stock Aitken Waterman's
Bananarama reject pile", adding that "as by now everyone must be sick of hearing" Minogue.
OK! called the song a "classic". Retrospectively, in 2021, British magazine
Classic Pop ranked it number 11 in their list of "Top 40 Stock Aitken Waterman songs". In 2024, the same magazine ranked the song at number 17 in its list of "Top 40 Kylie Minogue songs", describing it as a SAW "squeaky clean confection". In 2023, Robert Moran of Australian daily tabloid newspaper
The Sydney Morning Herald ranked the song as Minogue's 56th best song (out of 183), adding that "the peppy overproduction masks a melancholy yearning... Those diva-ish adlibs at the end are hilariously thin, but that's just part of the charm". In 2025, Thomas Edward of
Smooth Radio ranked the song seventh in his list of "Stock Aitken Waterman's 15 greatest songs, ranked". The song was also known to many in the late 1980s and early 1990s as one of Minogue's
signature songs, which many critics entering the song on their best track or worst track list. And additionally, in 2011, "I Should Be So Lucky" was added to the
National Film and Sound Archive of Australia's
Sounds of Australia registry for songs of "cultural, historical and aesthetic significance and relevance". "I Should Be So Lucky" later appeared on seven of Kylie's hit compilations including
Greatest Hits (1992),
Ultimate Kylie (2004), and
Step Back in Time: The Definitive Collection (2019). The song won the Highest-Selling Single award at the
3rd annual ARIA Awards. ==Commercial performance==