Released with its counterpart 1967–1970 (the "Blue Album") in 1973, the double LP peaked at number 3 in the United Kingdom.

The album was instigated by Apple Records manager Allen Klein shortly before he was dismissed from his position.

The album omits any George Harrison compositions from the era, such as "Taxman", as the content is entirely Lennon–McCartney originals.

As with 1967–1970, the compilation was created by Apple and EMI/Capitol Records in response to a bootleg collection titled Alpha Omega, which had been sold on television the previous year.

[7] The success of the two official double LP compilations inspired Capitol's repackaging of the Beach Boys' 1960s hits, starting with the 1974 album Endless Summer.

[16] The 12 additional tracks are: "I Saw Her Standing There", "Twist and Shout", "Roll Over Beethoven", "You Really Got a Hold on Me", "This Boy", "You Can't Do That", "If I Needed Someone", "Taxman", "I'm Only Sleeping", "Here, There and Everywhere", "Got to Get You into My Life", and "Tomorrow Never Knows".

[18] A press conference for the release, along with "Now and Then", was held at the Dolby Screening Room in New York City on 27 September, 2023.

[20] Rolling Stone called the original red and blue albums "eight of the most-perfect album sides ever devised" and said that the bonus discs "fix the holes in the originals", noting the addition of songs written by Harrison, cover songs and more tracks from Revolver.

"[21] The Sunday Times Magazine called the new mixes "extraordinary", and that, on the Red Album particularly, they "sound so fresh it could be by some up-and-coming garage rock band".

For example, they said the mix of bonus track "I Saw Her Standing There" allows the Beatles to be heard "in splendid isolation, all working in the stead of a time-eclipsing song".

[20] Tidal Magazine added, "the 2023 revisions are sequenced not like LPs but like playlists, allowing for slight digressions and offering a more immersive experience.

They also added that "they repurpose the Beatles to suit the habits of streaming listeners — just like how the originals were designed with an LP audience in mind.