[3] The homesickness-inspired song was written by band members Paul Banks and Rick Witter while on tour promoting their previous album, A Maximum High, and it was produced by Chris Sheldon.

On 3 July 2020, "Chasing Rainbows" received a silver certification from the British Phonographic Industry (BPI), denoting sales and streams exceeding 200,000 units.

"Chasing Rainbows" was written while Shed Seven were in Germany promoting their prior album, A Maximum High.

Rick Witter said in an interview with Songwriting Magazine that they wrote the song during a murky afternoon while waiting to do their soundcheck.

Issued on 4 November 1996, "Chasing Rainbows" peaked at number 17 on the UK Singles Chart later the same month.