In Japan, nearly 1.5 million copies of Final Fantasy IV were shipped to retailers.^[43] As of 2006, nearly 3 million copies of the game (including original and PlayStation re-releases) have been sold around the world.^[44][45]

Major reviewers have called Final Fantasy IV one of the greatest video games of all time, noting that it popularized many common console role-playing game features.^[46][47] Reviewers have praised the game for its graphics, gameplay and score.^[46][48] Reviewers have noted that Final Fantasy IV was one of the first role-playing games to feature a complex, involving plot.^[49][5][9] Nintendo Power proclaimed it set a "new standard of excellence" for role-playing games,^[50] It would later place ninth and twenty-eighth in the "100 Greatest Nintendo Games" lists of issues 100 and 200, respectively.^[51][52] In addition, the magazine GamePro rated it a perfect 5 out of 5 score in its March 1992 issue.^[53] IGN currently ranks it as twenty-sixth on its list of greatest games of all time; it is the highest rated Final Fantasy title on the list.^[54] Famitsu released a reader poll in 2006 ranking it as the sixth best game ever made.^[55] The game's original release was heavily criticized for the poor quality of its English language translation.^[49][48] Final Fantasy IV's Game Boy Advance remake was met with praise from reviewers,^[56] although a few noted the game's graphics do not hold up well to current games, especially when compared to Final Fantasy VI.^[57][48] Reviewers noted that some fans may still nitpick certain errors in the new translation.^[46]