Cash Box magazine said "This deluxe two-record set is one of the cleanest sounding live albums available by anyone and shows brilliantly the wit and performing flair of one of Australia's greatest exports since the boomerang. Allen's quivering vibrato and delicate tenor voice are perfectly suited to his sensitive lyrics and his piano style, which encompasses the power of Elton John and the grace of Randy Newman."[3]
Joe Viglione of AllMusic retrospectively wrote, "This double vinyl live album from Peter Allen may be the best representation of the songwriter, covering many of the highlights of his career. Less sterile than his studio recordings, It Is Time for Peter Allen showcases the man's strengths." Viglione also complimented Allen's piano playing, adding that it "provides the real treat".[4]
While the album has yet to be formally issued on CD, it is available in its entirety and in original running order on CD 2 of the three-disc Singer - Songwriter: The Anthology box set issued by A&M in 1998. [6]