The album was compiled by EMI Australia to fill in the gap between Rubber Soul and Revolver (much like A Collection of Beatles Oldies would in 1966 in between Revolver and Sgt.

[1] The compilation and its follow-up were both originally conceived in early 1966, when EMI Australia requested stereo tapes from their UK branch for tracks not already in the Australian vaults.

This meant the album contains the original 1965 stereo mixes of "I Want To Hold Your Hand" rather than the new stereo mixes created for the late-1966 compilation album A Collection of Beatles Oldies.

[2] The mono version of Greatest Hits Volume 1 was released in Australia in June 1966.

[3] Eight different Australian radio stations promoted the album by featuring their logo on eight different stickers.