Following its initial release, "Like Water" was met with mixed reviews from
music critics. JT Early of
Beats Per Minute called the song as "a very satisfying and cinematic song that could easily soundtrack the moment when a difficult obstacle has finally been surmounted." Divyansha Dongre of
Rolling Stone India complimented the "vocal abilities as she experiments with different ranges throughout the track", further citing the reinforcement of signature high-notes on the chorus. Erin Han of
Idology noted the song as it "may feel boring due to the explosive power of "
When This Rain Stops"", clarifying that "the warmth of the song continues for a long time, enhancing its persuasive power as a title song". Jung Da-yeol of
IZM compared similarity of the acoustic guitar introduction of the track to
Taeyeon's "
Fine", but explained that it "has become richer with the addition of string sound". Ruby C of
NME noted the song for being "at times strangely familiar" that the song could have also been sung by Taeyeon, further noticing the "feels like it follows a more tried-and-tested songwriting formula". The song landed on
Billboard's 25 Best K-Pop Songs 2021 list at number 23, with J.B. praising it for "acting as a gorgeous soundscape for Wendy to unleash one of her best vocal performances to date". == Commercial performance ==