504 Boyz consisted of Master P, Silkk The Shocker, Mystikal, C-Murder, Mac, Krazy and Magic.

The production was handled by the Neptunes, Carlos Stephens and Donald XL Robertson, while the album features No Limit labelmates Snoop Dogg, Mercedes, Erica Foxx, Samm, Black Felon/X-Con, Ms. Peaches, Mr. Marcelo, Jamo, Traci/Baby Girl, D.I.G.

Goodfellas debuted atop the Top R&B/Hip-Hop Albums chart and number two on the Billboard 200 (behind only NSYNC's No Strings Attached), with first-week sales of 139,000 copies in the US.

Planning of the album dates back to 1997, as promotional materials can be found in the liner notes of 1997 No Limit releases.

Goodfellas received gold certification by the Recording Industry Association of America (RIAA) on July 17, 2000.