"[4] It was produced by Thom Bell, recorded at Philadelphia's Sigma Sound Studios and the house band MFSB provided the backing.

Released as the follow-up single to the group's first hit for Atlantic Records, "I'll Be Around," "Could It Be I'm Falling in Love" would equal the success of its predecessor, peaking at #1 on the R&B chart, #4 on the Billboard Hot 100 the weeks of March 3 and 10, 1973 and selling over one million copies.

Record World called it a "beautiful smash r&b ballad which spins a guaranteed success" with "outstanding production by Thom Bell.

"[8] Pitchfork named it the 184th best song of the 1970s, saying "every time lead vocalist Smith is offered the opportunity to go loud, he goes soft, letting Bell's dulcet accompaniments do the singing for him.

[19] The song has been covered many times over the years, including a duet by David Grant and Jaki Graham (which peaked at #5 on the UK Singles Chart in 1985) and versions by Regina Belle, El Barrio, Messenjah, Worlds Apart, Peter White, Larry Carlton, Jeff Kashiwa, Donny Osmond, Earl Klugh, Boyz II Men, Todd Alsup, Houston Person and Paul Stanley.