"Hold It Don't Drop It" received generally positive reviews from critics. Nick Levine of Digital Spy awarded the song four out of five stars, calling the song one of "the most lusty, persuasive vocals of her career" as well as noting its effect to be "bold, brash and sassy".Slant Magazine's Eric Henderson said, "the song thrashes your body mercilessly the first time, tickles your ears the second time, and compels you to track down that old "It Only Takes a Minute" vinyl by the third or fourth." Mike Joseph of PopMatters noted that the song included "sizable chunks" from "It Only Takes a Minute". Later, Slant Magazine named "Hold It Don't Drop It" the thirty-fifth best song of 2007, praising "a surprisingly agile vocal performance from La Lopez, making it the singer's best single in years".
The video was shot on November 16, 2007 and directed by Melina Matsoukas. It was premiered December 4, 2007 on MTV Europe and MTV Turkey. Lopez was pregnant when the video was filmed.
In the video, Lopez starts off by dancing in a spotlight wearing a hat, flipping between close-ups of her face and of her sitting on top of a giant silver disco ball. Lopez is then standing with a microphone stand in a white room on podiums with three male back-up dancers in suits lined behind her. When the chorus lines kick in, the lights above and below the soundstage flash and when Lopez is singing, she occasionally picks up the mic stand to sing into it and waves it above her head. There are also scenes of her singing in the spotlight into a mic hanging down and of Lopez sitting on a white chair facing away from camera.