The album was greeted with significant critical approval. The Allmusic review by Thom Jurek awarded The Lost Chords 3½ stars and stated "The depth of communication here is marvelous, and given the level of comfort these musicians have with one another, that feeling of ease is communicated to the listener as well". The JazzTimes review by Geoffrey Himes said "if great jazz playing involves fresh harmonic thinking and ensemble give-and-take, this is some of the best jazz playing around.". The Penguin Guide to Jazz awarded it 4 stars calling it "A marvellous record... Recommended to fans and newcomers alike".