Since airing, the episode has received positive reviews from television critics. Niel Harvey of "The Roanoke Times" called the episode a "classic bit of Simpsonia," and "The Baltimore Sun"'s Kevin Valkenburg named it one of the "truly classic" "The Simpsons" episodes. The authors of the book "I Can't Believe It's a Bigger and Better Updated Unofficial Simpsons Guide", Warren Martyn and Adrian Wood, called the episode "good stuff" and praised the "nice flashbacks to Lisa as a baby". Cinema Blend's Bryce Wilson called "Lisa's Pony" one of the best Lisa episodes, and added that the only words to describe it are "funny as hell". Nate Meyers of Digitally Obsessed rated the episode a5 (of 5), praising it for its references to "The Godfather" and "2001: A Space Odyssey" which "film buffs will find uproarious". Meyers added that Homer's and Lisa's relationship is "the heart of the episode, showing Homer to be more than just a brute".