Writing in "Mojo" magazine, John Harris describes "This Guitar" as a "serviceable sequel" in which Harrison "1) does a neat Dylan impression, and 2) plays yet another lovely slide solo". Reviewing the 2014 "Apple Years" reissues of Harrison's catalogue, "New Zealand Herald" journalist Graham Reid says the track is "a much better song than it seemed at the time", while Oregano Rathbone of "Record Collector" cites it as an example of how each of Harrison's Apple albums after the critically acclaimed "All Things Must Pass" "contains shivery moments of release". Writing for the website Vintage Rock, Shawn Perry views the track as one of its composer's "most overshadowed songs" and a highlight of "a creative and introspective album that's aged well".