Golden Heroes was developed at University of Birmingham by Simon Burley and Peter Haines in 1981, who self-published their manuscript as a 60-page mimeographed book.

Interior art was by a plethora of British artists, including Brian Bolland, Kevin Bulmer, Mike Collins, Declan Considine, Alan Davis, Kirk Etienne, Brett Ewins, Jon Glentoran, David Hine, Gary Mayes, and Brendan McCarthy,[2] several of whom were working for the British comic book 2000 AD at the time.

[3] Writing in Issue 62 of White Dwarf (February 1985), Marcus L. Rowland noted "As a late contender in the super RPG field, Golden Heroes faces severe opposition from established games.

Swan was likewise dismayed by the combat system, calling it "a hodge-podge of weapon classes, target ranges and power grades bordering on the incomprehensible."

Swan concluded by giving the game a below average rating of 2 out of 4, saying, "The rulebooks boast some nice artwork, and the thoughtful referee's tips are applicable to any comic-book RPG, but there's just not enough substance in Golden Heroes to recommend it over the competition."

"[6] That same year, Arcane held a reader poll to determine the fifty most popular role-playing games and Golden Heroes was ranked 41st.