The Allmusic review by Alex Henderson awarded the album four and a half stars and commented that

Everything on this LP is a gem ... The LP's centerpiece, however, is Newman's hit arrangement of Leiber & Stoller's title song, which was covered by P.J. Harvey in the 1990s. Influenced by German cabaret, this half-spoken, half-sung treasure is as hauntingly soulful as it is maudlin. The song's outlook is far from optimistic; essentially, it's saying that we might as well grab our moments of pleasure and enjoyment where we can find them because ultimately, life is nothing more than a meaningless series of disappointments. But there's nothing disappointing about Is That All There Is?, an LP that is most certainly among Lee's finest accomplishments.^[1]

1. "Is That All There Is?" (Jerry Leiber, Mike Stoller) - 4:20
2. "Love Story" (Randy Newman) - 3:27
3. "Me and My Shadow" (Al Jolson, Billy Rose, Dave Dreyer) - 3:04
4. "My Old Flame" (Sam Coslow, Arthur Johnston) - 4:24
5. "I'm a Woman" (Jerry Leiber, Mike Stoller) - 2:09
6. "Brother Love's Travelling Salvation Show" (Neil Diamond) - 3:00
7. "Something" (George Harrison) - 3:14
8. "Whistle for Happiness" (Jerry Leiber, Mike Stoller) - 3:25
9. "Johnny (Linda)" (Randy Newman) - 2:47
10. "Don't Smoke in Bed" (Willard Robison) - 3:31

• Peggy Lee - vocals
• Randy Newman - arranger, conductor on "Is That All There Is?"
• Mundell Lowe - arranger, conductor
• Bobby Bryant - arranger, conductor
• Benny Carter - arranger, conductor
• Mike Melvoin - arranger, conductor
• William George - illustration