The AllMusic review by William Ruhlmann awarded the album 4 stars, stating: "Monk's Dream is a warm reunion of old friends, but those friends could have tried a little harder to come up with something fresh."[4]
The authors of The Penguin Guide to Jazz Recordings wrote: "The trombonist isn't the force of yore... even if the musical intelligence remains keen. Lacy himself is magnificent... Beautifully recorded."[5]
In a review for Jazz Times, Duck Baker commented: "Rudd seems to be on fire these days, as if he's determined to make every note and nuance count, and Lacy sounds delighted to have such an inspired front-line partner. The masterful solos are full of surprise, humor, whimsy and courageous vulnerability, and the two-horn interplay could only be achieved by players with roots that go deep into the trad tradition."[6]
C. Andrew Hovan of All About Jazz remarked: "Monk's Dream stands out as a solid entry in the discographies of both Lacy and Rudd... fans of both artists will come away with a better cognizance of two of the music's unrivaled individualists."[7]
Writing for One Final Note, David Dupont stated: "The repertoire seems safe, and the playing sounds a little safe. Lacy's playing especially sounds like a distillation of his work, Rudd displays just how well his chops were getting back into shape and bassist Jean-Jacques Avenel and drummer John Betsch are simply one of the best rhythm duos in the music. They bring a well of color, and a deeply rooted sense of groove to everything they play."[8]