"Fashion Killa" garnered mixed reviews from music critics. Jesal Padania of RapReviews felt the track didn't belong on the album, calling it "a blatantly fawning song for the ladies that doesn't earn its place at the table." Roman Cooper of HipHopDX called it "a rare misstep as Rocky’s ambitions become a little too plastic and glossy."Alexis Petridis of The Guardian felt that the lyrics and their delivery showed that Rocky "has absolutely nothing to say" about designer clothes. Andrew Nosnitsky of Spin praised the song for calling back to Rocky's mixtape because of how its "angelic vocals skitter brilliantly." Nathan Slavik of DJBooth gave feint praise to "Fashion Killa", saying that its "certainly at least designed to appeal to the ladies."
The song is featured in the 2016 film Zoolander 2, when Derek Zoolander and Hansel McDonald first meet special agent Valentina Valencia. Asap Rocky himself also makes an appearance during the closing credits of the film.