In mid-November 1995, New World Computing reported that Heroes of Might and Magic had shipped 100,000 copies to retailers and that sell-through was strong. The company announced that the game was "set to top the 100,000 mark in unit sales". By October 1997, the combined sales of Heroes of Might and Magic, Heroes II and The Price of Loyalty expansion had surpassed 500,000 copies. The series as a whole sold 1.5 million copies by December 1999.

Andy Butcher reviewed Heroes of Might and Magic for Arcane magazine, rating it a 7 out of 10 overall. Butcher comments that "Its very simplicity, although ultimately limiting, is appealing, and the computer opponents are far from easy to beat. In terms of depth and long-term interest it's not a real challenger to MicroProse's Master of Magic, which it resembles, but it is a whole lot simpler to get into." In Australian Realms, Nick Leaning positively commented upon the game's replayability and design. GameSpot rated the game's production values as somewhat below par, and regarded the story as being thin. Nonetheless, the game was complimented for its gameplay, and received a 7.5 out of 10 overall. It received a Golden Triad Award from Computer Game Review.

Heroes of Might and Magic was named 1995's best turn-based strategy game by Computer Games Strategy Plus—tied with Jagged Alliance—and best overall strategy title by Computer Game Review and Computer Gaming World, tied variously with Command & Conquer, Gazillionaire and Blood Bowl. The editors of Computer Gaming World wrote, "Heroes will challenge you to think and plan, and it will reward you with hours of sheer pleasure. It is one of the most addictive games to come along in years."

In 1996, Computer Gaming World declared Heroes of Might and Magic the 133rd-best computer game ever released. The editors called it "a brilliantly balanced game of fantasy combat".

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