More Than Just a Dream has received generally positive reception by the music critics. At Metacritic, they assign a "weighted average" score to ratings and reviews from selected mainstream critics, and the album has a Metascore of 64/100, based on 12 reviews.
At Music Is My Oxygen, Tim Ferrar called the release "a stroke of genius".Allmusic's Matt Collar found this to be "an even more infectious, club-ready album" than its predecessor, and at the same time "still retaining all of the band's organic soulfulness." At Paste, Ryan Reed proclaimed that the album "is poised for prime time, a diabetic coma of sugar-rush pop." Beth Kellmurray of diffuser.fm told that "by diversifying their approach, Fitz creates a sound that doesn’t get dulled or play like a mere gimmick", and this is the reason she felt that the release "proves the group can find longevity in their eclectic sound." At Glide Magazine, Jeremy Lukens wrote that "it wouldn't be accurate to label More Than Just a Dream a fun but hollow party album, though." Bryan Bierman of The A.V. Club alluded to how the album "is a leap for the band sonically" that "still manages to be entertaining." At Los Angeles Times, Randall Roberts evoked that "there's a fine line between evolution and de-evolution, and which process Fitz and the Tantrums is experiencing on its sophomore effort", and this all relies "on what you liked about the L.A. band's breakout debut."
However, PopMatters' AJ Ramirez found that "it’s an album that’s hard to love, yet easy to like." At Rolling Stone, Jody Rosen told that "the pleasures of the songcraft don't quite compensate for dopey lyrics, the bland vocals of Fitz and co-lead singer Noelle Scaggs, and the relentless spazzing-out." Hal Horowitz of American Songwriter affirmed that "while there is no lack of energy in the performances, many songs seem forced and lack the organic groove that effective soul music demands." At Spin, Michaelangelo Matos felt that the album is "steps backwards [...] where its predecessor was shockingly felt, this settles for something more distant, theatrical, grandiose." The lone negative review came in from Alternative Press and Scott Heisel, and he criticized it with writing that "this is the most boring Hall & Oates record ever."