"24K Magic" has received generally positive reviews from
music critics.
Entertainment Weekly Eric Renner Brown gave "24K Magic" an "A" note. He praised the lead single, saying it is on the same level as Mars's earlier, "
Just the Way You Are" (2010) and "
Locked Out of Heaven" (2012), and maybe even better due to its "detail and finesse". According to Brown, these qualities along with "world-class vocals", allow "24K Magic" to "levitate". He felt Tupac Shakur's "California Love" (1995) and
Michael Jackson's
Off the Wall (1979) influenced it. Jay Willis of
GQ called the song "delightful"— the second part of "Uptown Funk". Willis praised Mars for using the same formula as the earlier single and described the intro as "reminiscent of mid-1990s
K-Ci & Jojo". Carl Williott of
Idolator rated the song a nine out of ten, comparing it to "Pure Funk compilations, West Coast G-funk and to
Midnight Star". Williott said the track did not bring anything new, but it came at a time when there were not enough party songs. In the same review, Mike Wass awarded the song 8 out of 10 feeling that it is a mash-up of the 70's, 80's and 90's R&B into "a nuclear-power party anthem" to be played in discos over the next years.
Time Tekendra Parmar called the title track "delicious". Patrick Bowen, reviewing the album for Idolator, said "24K Magic" has the best chorus Mars ever wrote, being superior to "Uptown Funk" in every detail. On the list of the 101 best songs of 2016 compiled by
Spin, the publication ranked the song at number 61 and Winston Cook-Wilson said that Mars emulated the style he listened to while growing up and was nothing but impressive. On the
Billboard 100 Best Pop Songs of 2016: Critics' Picks list, the single was placed at number 64. Taylor Weatherby wrote that Mars was able to "create another bonafide hip-shaker" like "Uptown Funk" thanks to "24K Magic"s "infectious beat and James Brown-worthy vocal exhortations".
The Village Voices annual year-end
Pazz & Jop critics' poll selected it as the 48th best song of 2016, tied with
Childish Gambino's "
Redbone" and
Beyoncé's "
All Night". In 2017, "24K Magic" received a nomination for International Hit of the Year at the 2017 Danish GAFFA Awards. It was nominated by the
48th NAACP Image Awards for Outstanding Song, Contemporary. In the same year, "24K Magic" won Top 40 Single of the Year at the
New Music Awards. In the same year, at the
30th Annual Nickelodeon Kids' Choice Awards the track received a nomination for Favorite Song, and a nomination for International Hit of the Year at the
MTV Millennial Awards. At the
2017 Radio Disney Music Awards, the single won the award for
Best Song That Makes You Smile. "24K Magic" received the accolade for Top 10 Gold International Gold Songs at the
RTHK International Pop Poll. In the same year, it was nominated for
Best R&B Song at the
2017 Billboard Music Awards. The song was nominated for Choice Music: Pop Song at the
2017 Teen Choice Awards, but lost. In 2018, "24K Magic" won
Record of The Year at the
60th Annual Grammy Awards ceremony. That same year, it lost the award for International Work of the Year at the
APRA Music Awards. The song won an award for excellence in Record Production/Single or Track at the 2018
TEC Awards.
Mediabase, in their year-end list of 2017, had "24K Magic" as the third most played song at Urban AC stations. In 2017 and 2018, the track was one of the winners of Most Performed Songs at the
ASCAP Pop Music Awards. In 2018, at the Rhythm & Soul Music Awards it was one of the winners of R&B/Hip-Hop Songs. ==Commercial performance==