It Is What It Is was met with critical acclaim. At Metacritic, the album received an average score of 84, based on 22 reviews. Aggregator AnyDecentMusic? gave it 7.9 out of 10, based on their assessment of the critical consensus. Writing for AllMusic, Andy Kellman gave the album a positive review, stating that "As on the earlier Thundercat LPs, outer space and homeboy escapades, comic courtship and elusive companionship, and philosophical insights also inform the material." Kellman continued by stating that the album contains "no throwaways or novelty tunes." Emma Finamore of Clash was also positive in her review, stating that the album's "definitely a project rich in contrasts." Finamore further opined that it's "an album embracing difference, accepting highs and lows: just what we need right now." Exclaim!s reviewer Dylan Barnabe acclaimed the album, saying that "There is perhaps no better album with which to face our current uncertainty than Thundercat's It Is What It Is. Filled with gentle reflections on love and loss, mixed in with the star bassist's signature sense of humour and funky beats, it is exactly the record the world needed." Barnabe praised Thundercat's implementation of humor elements on the album, particularly praising the song "Dragonball Durag". Barnabe further stated that the album "manifests as a beautiful ebb and flow of emotional states, philosophical musings and plain old comedy." Roisin O'Connor of The Independent favorably compared the album to its predecessor, Drunk, stating that both records "continue to reflect on Thundercat's acceptance of his own mortality, veering away from an almost-claustrophobic grief and into deeper contemplation." Writing for NME, Sam Moore stated that the album's "magic moment comes as Thundercat links up with Steve Lacy, Childish Gambino and '80s funk hero Steve Arrington on 'Black Qualls'; the disco-funk tune should be up for consideration as the best song of 2020. Its inclusion here gives a comforting indication that, for all of the album's heavy rumination on life, death and healing, Thundercat can still kick back when required." Moore commented on the album's lyrics, which depicts a variety of themes, stating that " Thundercat's lyrical reflections on grief, uncertainty and gradual healing are threaded through 'It Is What It Is'." Pitchforks reviewer Reed Jackson gave the album a positive review, but also criticized the composition and songwriting on a few of the album's tracks. Jackson also called it more "unpolished" than its predecessor, while at the same time praising Thundercat's bass playing. In a more mixed review, Kitty Empire of The Observer stated that "The track-listing also finds ample time for these more dense jazz-funk fusions – hyper-speed snippets like How Sway, where Bruner reminds listeners he isn't from the mainstream, he's just visiting from somewhere altogether gnarlier. It all makes for an album that gently weeps, then does a set of star jumps. Bruners quick mind and faster fingers dash off on tangents, never quite exploring his grooves to their fullest extents." Empire continued by stating the album's drawback lays with the fact that it switches through emotions too often. She stated that Thundercat "doesn't sit with one emotion, be it high or low, for a sustained length of time. When the title track glides in, at a luxurious five minutes, you wish Thundercat had given all his ideas the benefit of the album's title – It Is What It Is. You wish for a record that allowed Bruner to do less and just… be."
