The Observer named the song the best single of 2004. In 2004, Pitchfork made a list of the top 50 singles of 2003 and listed the song at number eight. In 2005, Pitchfork made a list of the top 100 singles of 2000–2004, listing "Milkshake" at number 21. Stylus Magazine named the song the 13th-best single of 2000–2005. In September 2011, VH1 ranked the song at number 61 on its list of the "100 Greatest Songs of the '00s". In October 2011, NME placed it at number 136 on its list "150 Best Tracks of the Past 15 Years".
