The album debuted at number 7 on the Billboard 200 with first-week sales of 55,000 copies, becoming Pitbull's highest-charting album in the United States. This was Pitbull's final album for the J Records label, since the label would be discontinued in summer 2011.
The album has received generally positive reviews from critics. At Metacritic, which assigns a normalised rating out of 100 to reviews from mainstream critics, the album received an average score of 70, based on twelve reviews, which indicates "Generally favorable reviews". Allison Stewart of The Washington Post gave Planet Pit a favorable review writing, "His new disc, “Planet Pit,” dispenses with the idea that pop albums should consist of a few celebrity-packed singles topped off with filler. Every song here is a superstar/super-producer collaboration, every song a banger" and referring to the album as "its own future Greatest Hits package." In his review for Us Magazine, Ian Drew gave the album three out of five stars and commented, "If you want a huge pop hit these days, get Pitbull to rap on it". He concluded, "So naturally, the Cuban MC, 30, calls in his own big A-list favors for his latest CD, comprised entirely of (what else?) pulsating club bangers." Robert Copsey of Digital Spy gave the album two out five stars, saying that "with another impressive rosta of guest vocalists and knob-twiddling boffs on board, there are a few - albeit, minor - sparks of joy to be found here", and concluded that "Planet Pit for the most part remains the usual mix of headache-inducing house-hip-hop and sleazy chat-up lines."
The Rolling Stone's Jody Rosen gave the album three out of five stars, writing "There are guest spots by R&B stars (Chris Brown) and Latin lovers (Enrique Iglesias). There are baldfaced rewrites of the Black Eyed Peas' "I Gotta Feeling" ("Give Me Everything") and Eminem's "Love the Way You Lie" ("Castle Made of Sand"). But there's something charming about Pitbull's enthusiasm - he sounds most like himself when he's promoting his brand." David Jeffries of Allmusic gave the album four out of five stars writing, "Solid hooks, polished production, cutting-edge tricks, and a star-studded guest list makes this a blockbuster thrill ride, but the reason Planet Pit retains its sense of fun through repeated listens is the man’s cool charisma and cheeky attitude" and concluding, "This is a hip-hop-flavored club effort of Elephunk proportions and another high-water mark for the don of pop-rap’s glitter dome."The New York Times critic Jon Caramanica gave the album a positive review, calling the album the completion of Pitbull's "long transformation from crunk-era curio to dance-rap star", stating: "The music is ambitious and appealing, surrendering any claim to dignity in favor of huge, swelling progressions and stomping tempos. [...] It also serves as a warning for pop producers, who can now see that megaclub-friendly dance music — once held at arms length as a scourge of the Europeans — can be home for major American stars in a variety of genres".
"Give Me Everything" featuring Ne-Yo, Afrojack and Nayer was released on March 18, 2011 as the album's second single. It peaked at #1 on the Billboard Hot 100, in the UK and Canada, at #2 in Germany, France, Spain, Australia, and at #4 in Italy.
"Rain Over Me" featuring Marc Anthony was released on July 19, 2011 as the album's third single. It peaked at #30 on the Billboard Hot 100, at #1 in Spain, at #2 in France, at #7 in Germany and Canada, and at #9 in Australia.
"International Love" featuring Chris Brown was released on November 1, 2011 as the album's fourth single. It peaked at #13 on the Billboard Hot 100, at #3 in Spain, at #6 in France, at #10 in the UK and Canada.
"Pause" was released on June 7, 2011 as the album's first promotional single. The track was used to promote the Zumba fitness program via a video contest. It debuted and peaked at number 73 on the Billboard Hot 100 in the United States.
"Shake Señora" was released on August 11, 2011 as the album's second promotional single. It peaked at number 69 on the Billboard Hot 100 in the United States and at 33 on the Canadian Hot 100.
The album debuted at number 7 on the Billboard 200 with first-week sales of 55,000 copies, becoming Pitbull's highest-charting album in the United States. As of September 2012, the album has sold 477,000 copies in the United States.