The song received mixed reception from contemporary critics. William Ruhlmann of AllMusic wrote, "The album begins with a pop/rock song, 'I Thought I Lost You,' which oddly sounds like a love duet between John Travolta, a man in his mid-fifties, and the teenage TV and pop star Miley Cyrus, until it is remembered that Travolta voices the movie's title character, a dog." "I Thought I Lost You" was nominated for the Broadcast Film Critics Association Award for Best Song at the 14th Broadcast Film Critics Association Award, but lost to Bruce Springsteen's "The Wrestler" from "The Wrestler" (2008). The song was nominated for the Golden Globe Award for Best Original Song at the 66th Golden Globe Awards, but also lost to "The Wrestler". An uncredited reviewer from the "Los Angeles Times" thought the song could have been nominated for and won the Academy Award for Best Original Song at 81st Academy Awards. However, the reviewer stated that the probability of the event was shattered by "a serious obstacle [solely being used in "Bolt"s ending credits] and lots of Disney competition."