"IGN" included "Only in Dreams" on their "Weezer Ultimate Mix" list, where they listed what songs they want to be compiled into a Weezer collection and called the song "the "Stairway to Heaven" for Generation X." They also listed the song on their "Top 10 Ambiguously Inspiring Songs" list, where they called it one of Weezer's best songs. Magnet considered "Only in Dreams" to be the third most overrated Weezer song. The song was rated #8 in Q Magazine's "20 Greatest Guitar Tracks" in September 2007. Melissa Bobbitt at About.com ranked it as the number 1 best Weezer song, stating "This is Weezer at their finest. From the syrupy opening bass line, to the sincere guitar work and the gawking lyrics, the immense closing song on their debut best represents the band".