Written by band members George Young and Harry Vanda, the track became a worldwide hit.

Though the song has long been termed a "working class anthem", George Young maintained it had "more to do with their outlook on the world than any class statement". According to Harry Vanda, the track's distinctive guitar opening was inspired by a film performance featuring the Swingle Singers: "It went tudutudutudu, which made us all laugh. In the train back from the gig, we were imitating them and suddenly it sounded good. They became the first notes of 'Friday on My Mind'."