In a review for AllMusic, William Ruhlmann stated that the recording "was not, perhaps, the live album Santana fans had been waiting for, but at this point in its career, the band could do no wrong."[2]
Ebony's Phyl Garland described the album as "a free form funfest bound to delight the followers of both these super-stars of rock," on which "Santana's Latin soul is fused with Buddy Miles' hypnotic beat to create a mood of frantic immediacy."[3]
Shortly after Live! was issued, the editors of Billboard awarded it "Best New Album of the Week" in the Soul category,[4] and a reviewer commented: "This album should get the nod as one of the best live rock albums of the year... The musicians from both Santana and Miles complement each other on every track."[5]