Graphically, "Wave Race 64" was praised for its fluid animations, realistic physics, clean waters, and textured polygons. "IGN"s Doug Perry commented: "The way in which jetskis cut into the ocean's surface, lift off ramps, bounce into and off oncoming waves, or slide on icy surfaces is not only believable and engaging, but simply unparalleled". Writing for "The Electric Playground", Victor Lucas highlighted the game's distinct environments, saying that each course offers players something to get excited about. He also gave high marks to the game's satisfying sound effects, particularly when players submerge under the waves, but felt the music was shallow. "GamePro" agreed, describing the music as juvenile and the announcer's voice as irritating. In contrast, AllGame's Jonti Davies felt that the game's "cheesy" and "distinctly '80s theme" soundtrack combined with the announcer's "hyperexcited cries" gives the game a light and arcade feel.