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Let Me Do One More was largely written before the band's last mixtape, Free I.H: This Is Not the One You've Been Waiting For. The New York Times reported that because Sarah Tudzin, the bandleader of Illuminati Hotties, did not want Let Me Do One More "to arrive on the embattled label ", she wrote the mixtape, Free I.H: This Is Not the One You've Been Waiting For to complete a contractual agreement with the label. Let Me Do One More was released under Hopeless Records and the band's own label, Snack Shack Tracks, which was first launched during the release of "Mmmoooaaaaayaya", the album's first single.
At Metacritic, which assigns a normalized rating out of 100 to reviews from professional publications, Let Me Do One More received an average score of 87, based on 12 reviews, indicating "universal acclaim". Alex Hudson of Exclaim! called the album "12 songs of impeccably crafted pop hooks, hyperactive crescendos and graceful comedowns".