While reviewing The Singles, AllMusic's Andy Kellman listed the song as one of his "track picks" on the album and called the song "rubbery", "deliciously flirtatious and cartoonish." Writing for Drowned in Sound, Julian Ridgway gave the song 5 out of 10, stated: "They’ve proved themselves masters of the dumb pop single in the past – records that make you smile even if they don’t make you think. But with 'Oh My Gosh' the smile’s started to freeze over, like the one you get when people make you look through their holiday photos." He concluded his review by commented that the "airhead" lyrics are "quite funny" but the song "is pretty average stuff for them." In 2004, it was nominated for the Popjustice £20 Music Prize.
The music video was directed by Mat Kirkby, who previously worked with Basement Jaxx on the video for "Good Luck". is directed is set in a retirement home, and features elderly man and woman singing about how they like each other whilst doing elderly activities.