Ultimate Victory was generally well received by most critics.
Rolling Stone - 3.5 stars out of 5 - praised the title track stating, "“The Ultimate Victory”—on which Chamillionaire expresses sympathy for media-dogged celebrities like Eminem and Britney Spears and admits, "I'm still filled with doubt"—might be the most personally reflective hip-hop track since Slim Shady himself stepped to the mic."
Allmusic - 3.5 stars out of 5 - "A positive outlook for the future of the genre."
Allhiphop.com 8.5 out of 10 - "Chamillionaire's flow and lyricism is rampant through each track on Ultimate Victory."
Hip Hop DX stated, "Chamillionaire effortlessly transitions from one subject to the next without coming off too overbearing or preachy. Blending his trademark, butter-smooth melodies with hard-hitting beats and intricate punch lines, The Ultimate Victory is an interesting blend of braggadocio, thought-provoking, political undertones and bravado, something rarely seen from today’s mainstream MC."