Guitarist Frank Iero told MTV "It's basically what the Killjoys are listening to in the car as they're having those gun battles". In a recent interview with Alternative Press, Gerard Way stated a desire to create a Mad Gear and Missile Kid full-length album.
The Mad Gear and Missile Kid has received positive reviews from music critics, with particular praise for both its fun nature and sound. Ian Walker of AbsolutePunk gave the EP a positive review, stating it "clocks in at just under six minutes, but provides a quick injection of musical speed that gets the blood pumping and the body moving." Walker further went on to say, "My Chemical Romance reminds us that music should, first and foremost, be fun. And I can't see them not having a good time as they put this tiny project together. It radiates through every second."