Critics were positive towards the song. Matt Diehl of "Rolling Stone" magazine has noted "Yellow" is "unrepentantly romantic". He added that "the band creates a hypnotic slo-mo otherworld where spirit rules supreme". "Yellow" won Best Single at the 2001 "NME" Carling Awards. It was nominated at the 2002 Grammy Awards for Best Rock Song and Best Rock Performance by a Duo or Group with Vocal. "Billboard" said that "every time that electric-guitar riff barges in, you're hooked all over again."