The Allmusic review by Alex Henderson awarded the album four and a half stars and commented that
Everything on this LP is a gem ... The LP's centerpiece, however, is Newman's hit arrangement of Leiber & Stoller's title song, which was covered by P.J. Harvey in the 1990s. Influenced by German cabaret, this half-spoken, half-sung treasure is as hauntingly soulful as it is maudlin. The song's outlook is far from optimistic; essentially, it's saying that we might as well grab our moments of pleasure and enjoyment where we can find them because ultimately, life is nothing more than a meaningless series of disappointments. But there's nothing disappointing about Is That All There Is?, an LP that is most certainly among Lee's finest accomplishments.