"Octopus" was released as a single in November 1969 and "The Madcap Laughs" followed on 3 January 1970. The album was released by Harvest in the UK. It sold 20,000 copies in the first few days and reached number 40 in the UK and was fairly well-reviewed by music critics. "Village Voice" critic Robert Christgau, reviewing the 1974 two-LP set which included "The Madcap Laughs", praised some of the music as "funny, charming, catchy – whimsy at its best. I love most of side one, especially 'Terrapin' and 'Here I Go.'" Initial sales and reaction were deemed sufficient by EMI to sanction a second solo album.