As Marillion used ten different studios to record the album and the line-up had undergone a change, Fugazi proved to be a slightly incoherent follow-up to Script for a Jester's Tear, which was noticed in the retrospective review by John Franck of AllMusic. Nevertheless, he awarded the album a 4-star rating, singling out such songs as "Assassing", "Incubus", and "Fugazi".
Writing for Ultimate Classic Rock, Eduardo Rivadavia claimed Fugazi "proved just as diverse, ambitious, even preposterous (in the best possible prog-rock sense) as ‘Script.’ They matched epic, complex musicianship with oblique wordplay to perfection on the likes of ‘Assassing,’ ‘Jigsaw,’ ’Incubus,’ and the title track – all of which would become perennial concert favorites for years to come. If anything, the new album was, at once, more polished (in terms of both production standards and song arrangements) and a tad less consistent than its predecessor, unquestionably falling short of heightened expectations on the somewhat less-than-stellar ‘Emerald Lies’ and certainly the subpar ‘She Chameleon.’"
Fugazi reached number 5 in the UK Albums Chart, spending a total of 20 weeks there. It was certified Gold by the BPI on 9 July 1985 for sales in excess of 100.000 copies. The album produced two singles which became minor hits, "Punch and Judy" (UK no. 29) and "Assassing" (UK no. 22).
As part of a series of Marillion's first eight studio albums, EMI Records re-released Fugazi on 23 February 1998 with 24-bit digital remastered sound and a second disc containing bonus tracks[nb 3]. The remastered version was also made available without the bonus disc in 2000 and again in 2005 as a Japanese mini-LP replica[nb 4].
A new 180g heavy-weight vinyl pressing identical to the original 1984 edition[nb 5] was released in 2012.