"Hyperballad" was heavily lauded from contemporary music critics, who stated that it was the best song of Björk's career. The song's lyrical content, vocal performance and experimentation in its production and composition were also highly praised. The song was moderately successful in the countries it charted in, including Finland, Australia, United States, Sweden and the United Kingdom (where it was the last of three top-10 hits, after "Army of Me" and "It's Oh So Quiet"). A music video was shot for the single, featuring a digitalized Björk running through a field.
Björk performed the song at the 1997 Tibetan Freedom Concert in New York, which was recorded by Sylvia Massy for Capitol Records. This live version was subsequently included on the second disc of the Tibetan Freedom Concert album released later that year.