Bulletproof Wallets received generally positive reviews from music critics. John Bush of AllMusic said, "Bulletproof Wallets is basically a party album, at least compared to the usual Wu-Tang gloom and doom, featuring smooth, romantic R&B tracks like the single "Never Be the Same Again" (with Carl Thomas & Raekwon) and "Love Session." Pat Blashill of Rolling Stone said, "Bulletproof Wallets is riveting because even on "The Juks," when he's rhyming about getting paid, he comes off like a tough but fatally vulnerable anti-hero, forever trapped in the headlights of oncoming disaster."
Mark Desrosiers of PopMatters said, "Bulletproof Wallets doesn’t have the peering-into-the-abyss street insanity of Ironman, sure, but it does come close. And damn, it sure does air you out nonetheless." James Poletti of Yahoo! Music said, "Whilst Ghostface remains in possession of one of the most diverse musical imaginations in the Clan, this is ultimately disappointing in its lack of innovation."