Ultimate Victory was generally well received by music critics. Rolling Stone gave note of Chamillionaire's subject matter detailing his disdain towards the "record industry, money-grubbing ex-friends and lazy rappers" while backing up his sentiments with tracks like the Bun B-assisted "Pimp Mode" and "We Breakin' Up". They concluded by praising the closing title track stating, "“The Ultimate Victory”—on which Chamillionaire expresses sympathy for media-dogged celebrities like Eminem and Britney Spears and admits, "I'm still filled with doubt"—might be the most personally reflective hip-hop track since Slim Shady himself stepped to the mic."[10]
Despite finding a few duds in the track listing, AllMusic's David Jeffries called the album "[A] positive outlook for the future of the genre", praising Cham's pedigree to deliver "verse-filled hip-hop" by smartly utilizing top-notch production and guest artists to deliver catchy songs with substance, concluding that "Ultimate Victory is a brilliant way to recover from overexposure and bring things back to a more sensible level if a long-term, credible career is what's at stake."[6]
Edna Gundersen from USA Today found the record to be "a surprisingly counterintuitive hip-hop journey", noting its lack of profanity, Cham's criticism on the "materialistic bent and greedy sycophants" that represent the genre, and showing empathy for his fellow artists under media scrutiny, concluding that "Victory ultimately is achieved through Chamillionaire’s charged flow, snappy taunts and unexpected singing talents."[12]
Thomas A. Harden of XXL commended Cham's aggressive delivery towards media gossip, the hip-hop industry and government politics but felt that it "comes off preachy, rather than poetic." He added that said approach works better when its added with "a spoonful of sugar with his doses of hip-hop medicine ("I Think I Love You"), flexes his lyrical skills ("You Must Be Crazy") or just has fun on the mic ("The Ultimate Vacation")."[13]
PopMatters contributor Josh Timmermann also found Cham being try-hard when tackling tabloid news and politics, but praised his forays into more conventional topics with solid beats and relaxed flows. Timmermann concluded by praising Cham's performance on the title track, saying "it's convincing proof that there might, after all, be life after "Ridin'" for a rapper who previously seemed bound for one-hit wonder status."[9]
