The album received a generally positive reception but critics felt that it was a disappointment after his previous mixtapes. Lace Up debuted at number 4 on the US Billboard 200, supporting by all four singles, including "Wild Boy", "Invincible" and "Hold On (Shut Up)", along with one promotional single; "Stereo".
On September 20, 2012, "Stereo" was released with an accompanying music video, as the album's promotional single (though the track was formerly part of the "Lace Up" mixtape). The song features guest vocals from Alex Fitts. The track would also be included, alongside "Invincible" and "Hold On (Shut Up)", as part of the MGK's Music Unlimited exclusive EP, titled Lace Up - The Prelude (released on October 2, 2012).
Lace Up received positive reviews from music critics. At Metacritic, which assigns a normalized rating out of 100 to reviews from mainstream critics, the album received average score of 69, based on 6 reviews which indicates generally favourable reviews. 
Adam Fleischer of XXL praised the production throughout the album and MGK for being consistent with his rapid-fire flow concluding with, "though he may no longer be quite the underdog he once was, rapping like it—at least for now—still works." Fred Thomas of AllMusic also praised the album for its production and putting MGK in the spotlight, calling it "a beast of a debut, and some of the heaviest mainstream-friendly hip-hop happening in 2012, a picture of young energy at its zenith."
Edwin Ortiz of HipHopDX gave a mixed review of the album, praising tracks like "Edge of Destruction" and "D3mons" for their intensity but found "Invincible" and "All We Have" put MGK into industry purgatory. He concluded with, "Lace Up is an imbalanced project that fails to establish MGK’s grand message. His debut is decent at best, with hope that his following projects yield better results." Phillip Mlynar of Spin felt that the special guests throughout the album were more of a hindrance to the main artist saying, "Instead of turning this debut proper into an expansive listen, the guests seem like they're papering over holes in both the music and the message."
The album debuted at number 4 on the US Billboard 200, with first-week sales of 57,000 copies. It slid down to number 22 in its second week giving it a total of 65,000 copies. Sliding down to number 37 in week three it sold 10,000 more copies. As of March 24, 2013, the album has sold 178,000 copies in the United States.