We study P −V criticality of black holes in Lovelock gravities in the context of horizon thermodynamics. The corresponding first law of horizon thermodynamics emerges as one of the Einstein-Lovelock equations and assumes the universal (independent of matter content) form δE = T δS − P δV , where P is identified with the total pressure of all matter in the spacetime (including a cosmological constant Λ if present). We compare this approach to recent advances in extended phase space thermodynamics of asymptotically AdS black holes where the 'standard' first law of black hole thermodynamics is extended to include a pressure-volume term, where the pressure is entirely due to the (variable) cosmological constant. We show that both approaches are quite different in interpretation. Provided there is sufficient non-linearity in the gravitational sector, we find that horizon thermodynamics admits the same interesting black hole phase behaviour seen in the extended case, such as a Hawking-Page transition, Van der Waals like behaviour, and the presence of a triple point. We also formulate the Smarr formula in horizon thermodynamics and discuss the interpretation of the quantity E appearing in the horizon first law.