"Love Story" was highly acclaimed by critics upon release. Kate Kiefer of Paste magazine recognized the song to be Swift's best and added that once the lyrics are learned, it is impossible to not sing along.[19] Sean Dooley of About.com credited the song for transitioning Swift from a "fresh-faced star to crossover superstar". Dooley attributed the song's commercial success due to her departure from her past lyrical themes, which summarized "I wish this boy knew how I really felt about him”.[20] While reviewing Fearless, Dooley selected "Love Story" as one of the best tracks on the album.[21] Jonathan Keefe of Slant Magazine admired how Swift attempted to incorporate sophisticated elements, like Romeo and Juliet and The Scarlet Letter, although it was not successful because of its awkwardness, inexplicable nature, and pointless conceit. Keefe credited its success to its prominent hook.[17] James Reed of The Boston Globe thought otherwise, stating Swift's charm was in her songwriting skills.[16]

Fraser McAlpine of the BBC stated, "'Love Story' is a stunning pop song and, because it really does tell a love story, it's heart-warming and draws the listener into the exciting and romantic fairytale world."[14] However, she felt Swift's vocal performance was not incredible, but was passionate to complement the song's sentiments. McAlpine resumed by stating that "Love Story", although obvious, a bit dramatic, and probably targeted towards younger audiences, was just lovely and that Swift proved herself a true princess of pop with the song.[14] Chris Neal of Country Weekly called "Love Story" an "ebullient first hit."[22] Deborah Evans Price of Billboard magazine gave the single a favorable review and called it an "enchanting offering". Price noted that "Love Story" demonstrates one of Swift's appeals, her writing and singing of age-appropriate material that can be both relatable to her audience and others. As a result, she predicted the song would have much commercial success in the country music industry.[15] Alex Macpherson of British newspaper The Guardian described the song to be fueled by a "joyous rush" that, according to him, was later replicated by Swift's own single "Mine" (2010).[23] Taste of Country listed the song at number 17 on its list of greatest country songs of all time.[24] In 2017, ShortList's Dave Fawbert listed the song as containing "one of the greatest key changes in music history". [25]!