"Wave Race 64" was a critical and commercial success, selling more than 154,000 units in Japan by December 1996 and more than one million units in the United States by December 1997. As of December 2007, the game had sold 1.95 million copies in the United States. At the time of its release, some reviewers considered it to be one of the greatest racing games of all time on a home console. "GamePro" described "Wave Race 64" as a "phenomenally fun" racing game that captivates players with its deep and challenging gameplay, while "Next Generation" regarded it as one of the first quality titles released for the Nintendo 64, along with "Super Mario 64" and "Pilotwings 64".