"Fake Your Death" was written by band members James Dewees, Frank Iero, Ray Toro, Gerard Way, and Mikey Way, and was produced by the group alongside Rob Cavallo and Doug McKean.

The song received generally positive reviews from music critics, who deemed "Fake Your Death" as a strong final effort for the band.

[3] James Montgomery of MTV News wrote that "Fake Your Death" was a reflection on the band's rise, while also serving as a "farewell to MCR's fervent fans".

[10] Similarly, Jake Richardson of Loudwire highlighted the lyric "I choose defeat, I walk away and leave this place the same today" as reflecting the song's interpretation as a eulogy.

[13] "Fake Your Death" received generally positive reviews from music critics, with Montgomery calling it a "fitting send-off" for the band and a "true testament to [their] enduring greatness".

[10] In reviews of the compilation, Evan Sawdey of PopMatters praised "Fake Your Death" for being a "solid anthem" though "a bit mainstream in intent",[12] while Alternative Addiction described the song as "decent", comparing it to the quality of the band's 2013 Conventional Weapons singles.