It was released on November 21, 2014, as the second hip-hop project from YG Entertainment, the first being "Niliria" by G-Dragon featuring Missy Elliott a year prior.

[4] The track topped South Korean online music services and iTunes charts in seven countries upon its release.

[10] Billboard gave a positive review, stating, "[G-Dragon & Taeyang are] at the top of the vocal, rap and dance game in one of the year's most epic club tracks",[11] and listed the single at number three in their "Best K-Pop Songs of 2014" list, feeling that the duo "hardly feels like a collaboration, but more like a cohesive artist.

"[12] Justin Block from Complex felt that "Good Boy" will "instantly have your face all the scrunched up when the drop hits", making it "quite impossible to not feel yourself to G-Dragon and Taeyang" on the song.

[13] "Good Boy" debuted at number five on South Korea's Gaon Digital Chart,[20] with 169,139 downloads.