The film was critically acclaimed and did well at the box office. Critics praised the lead performances. Karisma Kapoor in particular was applauded for her performance as a disillusioned sister. Vinayak Chakravorty from "Hindustan Times" gave the film 4 out of 5 stars, writing, ""Fiza" is more than just about Khalid Mohamed's foray into film-making. It is about Karisma Kapoor's proving a point as an actress of some substance. It is about Hrithik Roshan's establishing that he doesn't need maximum footage or glitz to impress. It is about the return after a hiatus of the ever-delightful Jaya Bachchan." Mimmy Jain of "The Indian Express", in a positive review, wrote, ""Fiza" is the kind of movie that every critic prays will never come his way. For a critic's job, after all, is to criticize. And "Fiza" offers little scope for criticism." She further noted Karisma for delivering "a superbly flawless performance". Sanjeev Bariana of "The Tribune" labelled the film "only a little above average", but was highly appreciative of the performances. Suman Tarafdar of "Filmfare" gave a positive review of the film and Kapoor's acting, and Chaya Unnikrishnan of "Screen" praised the performances and concluded that "Fiza" "does live upto the expectations". "Screen" magazine's critic Chaya Unnikrishnan, while disappointed with the film's second half, described it as "a mature film" and commended the performances. Dinesh Raheja of "India Today" praised the performances but concluded: ""Fiza" remains watchable for its captivatingly-captured sequences within a close-knit family. But, the big picture it wants to capture remains underdeveloped."