The album spawned three singles, the infamous underground hit "Fuck Compton" (which disses the N.W.A.), "Step To Me" and "Bronx Nigga". The album peaked at number 155 on the US Billboard 200 chart, number 34 on the Top R&B/Hip-Hop Albums chart, number 4 on the Heatseekers Albums chart.
Entertainment Weekly writer James Bernard commended Tim's "deep and ominous" vocals for delivering "attention-grabbing moments" at times but felt the album gets weighted down with Tim's lyrical tirades against N.W.A over unspectacular beats, concluding that "Yes, 'dissing' is a proud rap tradition, but such one-note obsession gets pretty boring. Move on, Tim Dog, move on."[4]Robert Christgau cited "Fuck Compton" as a "choice cut",[6] indicating a good song on "an album that isn't worth your time or money."[8]The Washington Post concluded that "the Bronx rapper doesn't realize that for as much as he's dissing NWA on cuts such as '(Expletive) Compton' and 'Intro', he's riding their coattails."[9]
In a retrospective review, DJ Fatboy of RapReviews praised the production, Tim's "forceful" delivery of his absurd lyricism (despite wishing that he craft better lyrics), and Kool Keith's guest contributions on "I Ain't Havin' It" and "Secret Fantasies", concluding that, "Great production values, utter craziness. Although it's debatable whether or not it was Tim's intent to be that fuckin out there, it's no question this was one of the most entertaining albums to come out of the early 90s, point blank."[5]AllMusic's Ron Wynn gave Penicillin on Wax an "Album Pick" tag, saying "Bronx rapper Tim Dog informed the world what he thought of West Coast types with the single 'F--- Compton'. It was the definitive composition on his debut album, setting the stage for a series of angry, often vicious and sneering taunts, challenges, boasts and putdowns."[3]