Lead singer Gerard Way has referred to the first single "I'm Not Okay (I Promise)" as a "self help pop song" while also being called "a surging piece of emo-pop with a hook as ridiculously catchy as it was ridiculous" and a "moving anthem for the young and depressed" by Allmusic and Rolling Stone respectively. This single went on to be nominated for the Kerrang! award for best single and reached #86 on the US Billboard Hot 100.
Album opener "Helena" has been referred to as an "album highlight and smash hit". Gerard has claimed that the song "shaped what the album is about" and "revealed their darkside" in comparison to the first single. Its lyrics mourn the loss of Gerard's grandmother, Elena Lee Rush, and was their first entry into the top 40.
Johnny Loftus of Allmusic wrote that "with the aid of production major-leaguer Howard Benson, they've edited the slight rookie excesses of I Brought You My Bullets You Brought Me Your Love, resulting in a rewarding, pretty damn relentless product." The album was awarded 4 out of 5 stars by Loftus. Andy Greenwald of Blender thought that "Way’s gulping, gasping whine turns stompers like "I’m Not Okay (I Promise)" into after-school poetry". Greenwald praised the fact that Way integrated elements of his life into the songs on the album. He awarded the album 3 out of 5 stars. JR of IGN wrote that it was "a good album" but "isn't nearly as varied or daring as it could have been". He ranked the episode 7.1 out of 10. Kirk Miller of Rolling Stone said that "Revenge is a hell of a good time." Ian Mathers of Stylus Magazine wrote, that this album contained "twelve near-flawless songs and an interlude in thirty-nine minutes" and that "even when it lets up, [it] doesn’t let up".Robert Christgau declared Three Cheers a dud.
Three Cheers for Sweet Revenge has sold over one million copies to date in the United States and has been certified platinum by the RIAA. It has also been certified Double Platinum in Canada, Platinum in the UK and Gold in Ireland, Chile and Argentina.
^Maira, Manuel (2007). "My Chemical Romance pone a Chile en su agenda". La Tercera (Santiago de Chile). "De las dos mil copias vendidas de su álbum debut, [I Brought You My Bullets, You Brought Me Your Love] (2002) pasaron al status de oro -7.500 discos- con sus dos siguientes entregas: Three Cheers For Sweet Revenge (2004)..."