"Fighters Megamix" met with critical acclaim upon release. The game was awarded a 9.25/10 from "Game Informer", the highest score any Saturn game received from the magazine. They praised the game's roster and variety of move sets. "Sega Saturn Magazine"s Rich Leadbetter stated that the game was "different enough to "VF2" and indeed "VF3" to warrant immediate purchase. The fact that it has huge depth and gargantuan levels of playability helps too." Jeff Gerstmann's "GameSpot" review stated that "if you don't own a Saturn and have even a passing interest in the "VF" series, this is probably the game you could use to justify purchasing the system." "GamePro" gave it a 4.5 out of 5 for graphics and a perfect 5.0 in every other category (sound, funfactor, and control), remarking that "Matching up brawlers from "Fighting Vipers" and "Virtua Fighter 2" is inspired thinking, and though "Megamix" isn't perfect, it's close to it." "Next Generation" summarized, "Simply put, this is the best fighting game ever on a system that's already chock full of great fighting games."