Cruise returns as US agent Ethan Hunt, battling a global catastrophe while defying death with alarming regularity.
He's "ageless", with the film getting "better, twistier and more deliriously fun with each instalment", according to Entertainment Weekly.
The Hollywood Reporter, meanwhile, praised director Christopher McQuarrie.
It said that with Mission: Impossible - Fallout he "tops what he did with Cruise three years ago".
Vanessa Kirby [Princess Margaret in Netflix series The Crown] is also singled out for playing "a wildly wealthy philanthropist and apparent part-time arms dealer" with "a mix of elegance and frisky abandon".
The Express highlights the "brutal and gut-punching" action and Cruise's stunts, including the one in which he broke his ankle by leaping from one building to another, which features in the film.