It was credited for the increased airplay Selena received on regional Mexican and Tejano radio stations, which had previously dismissed her recordings.

Cover versions of the song were recordings by Mariana Seoane and Pablo Montero, Tairon and Anaís, and Lucero Terrazas.

[2][3] Originally the song was intended to be sung with Verónica Castro, but then Torres left his previous record company.

[4] After seeing American Tejano pop singer Selena perform at a showcase event, Torres immediately wanted to record a duet with her.

[19] It makes use of orchestra instruments including strings, flute, French horn, percussion, a brass section, and bass drum performed in a rhythmical beat.

Torres sings the second verse, telling Selena that he will wait for her, reasoning that he likes having an illusion and believing that she loves him.

In his book Latin Sensations, Herón Márquez said the commercial success of "Buenos Amigos" helped Selena become a household name among Latinos in the United States.

[21] Angie Chabram-Dernersesian said "Buenos Amigos" was a "hit single", while writing about Selena's collaborations in her book The Chicana/o Cultural Studies Reader.

[22] Suzanne Michele Bourgoin said the track was a "breakthrough hit" for Selena, in her book Encyclopedia of World Biography: Supplement A Z.

[27] Joe Nick Patoski called the recording "a pretty if somewhat insipid ballad" in his book about Selena's life.

[32] John Lannert of Billboard magazine said "Buenos Amigos" began Selena's career as a dominating Latin chart artist.

According to John Lannert, the song was helped by increased airplay on regional Mexican and Tejano radio stations, which had previously dismissed Selena's recordings.

[36] Tairon recorded the song with Dominican singer Anaís for the compilation album Con Un Sueña...Objetivo Fama (2005).