DVD Talk says,
The Treasure of the Sierra Madre is a gritty and uncompromised story without a romantic angle. It has a fatalistic cynicism that Luis Buñuel might admire, a refusal to romanticize the world. It really doesn't play like a picture from the late forties, when even the darkest noir thriller hewed close to audience expectations. It's an original adventure filled with excitement, desperation, and hard choices made by men under pressure, and it's practically perfect.Slant Magazine gives it 4 out of 5 stars and says it "remains one of the most insightful films ever made about greed and the thorny effects of temptation on human nature." Senses of Cinema describes it as "a two-dimensional, visual fable of human existence". Roger Ebert considers it a "great" film. Rotten Tomatoes gives it 100%.