"Money Don't Matter 2 Night" was an overall modest hit, reaching numbers 23 and 24 on the US Billboard Hot 100 and Billboard Hot 100 Airplay charts respectively, number 14 on the Billboard Hot R&B Singles chart, and number 27 on the Airplay chart. It also reached number 19 in the UK, number 18 in Australia, and number seven in the Netherlands.

A reviewer from Cashbox wrote, "The single is real mellow and more laid-back compared to most of his previous material. This cut should attract R&B, adult contemporary, pop and easy listening radio stations with ease. Mark down another hit."^[3] David Browne from Entertainment Weekly called it "one startling moment" from the album, that "is sung in a soulful growl that sounds utterly unaffected". He also added that it "sports a slinky, subtle groove that recalls the maturity of Stevie Wonder’s early-’70s heyday."^[4] A writer from the Gavin Report commented, "Strictly a lyrical record in which Prince speaks of the priceless and the invaluable as well as the here-today and the gone-tomorrow. An easy going, if not carefree musical treat."^[5]

Pan-European magazine Music & Media found that after a ballad, "Diamonds and Pearls", "his royal badness speeds up the tempo just a little bit, for a nicely floating and immediately catchy number."^[6] Gavin Martin from NME felt the song is where Diamonds and Pearls "really shines in unadorned glory".^[7] Tom Doyle from Smash Hits named it "the best song" on the LP, and "the best tune he's done for years." He remarked that here, Prince "gets into a laidback groove".^[8]

In an 2016 retrospective review, Patrick Corcoran from Albumism said, "As lyrically scathing as anything he'd written to that point, it included the scarily prescient line "anything's better than a picture of a child in a cloud of gas"." He added, "Capturing the zeitgeist as Iraq was invaded for the first time, but also heartbreakingly, perpetually relevant to our times too, Prince's restrained delivery fits perfectly."^[9] Stephen Thomas Erlewine from AllMusic noted the "extraordinary Philly soul" of "the neglected masterpiece", viewing it as a "terrific" pop single.^[10] Mike Diver for the BBC in 2010, stated in his 2010 review, that "there's no doubting "Money Don't Matter 2 Night" is the heart and soul of this album. A slow-paced strut, the track's a celebration of realising that hard cash isn't the be all and end all of one's existence".^[11] Simon Price from The Guardian named the song as a "highlight" from the album in 2016, describing it as "thoughtfully mature".^[12] Another The Guardian editor, Alexis Petridis, said it is "a fantastic song, the smoothness of its sound and delivery masking a punchy, politically engaged lyric that takes in both consumerism and Operation Desert Storm."^[13]

The song is notable for its promotional video, directed by Spike Lee.^[14] Featuring a poverty-stricken African-American family, with no shots of Prince, it was considered overly political and not "MTV friendly". A second version was issued, which included footage of the song performed by Prince and the New Power Generation, which was directed by Sotera Tschetter.

Personnel are adapted from Benoît Clerc and Guitarcloud^[15][16]

• Prince – lead and backing vocals, electric guitar, synthesizers, Roland R-8
• Levi Seacer Jr. – bass guitar
• Michael B. – drums