Written from the perspective of a friend of Giveon's, the downtempo piano ballad finds him singing about the date of a breakup, reminiscing and grieving about a love gone wrong.

[8] Musically, Giveon delivers soaring vocals over a largely piano and percussion-based mid-tempo electro and soul merged instrumental.

[10] Rolling Stone's Elias Leight labeled the song "a swelling, disconsolate ballad built around mournful piano and gnarled guitars.

[12] Milcah P. of HotNewHipHop called the song "enchanting", further stating: "The cut is characterized by a seamless mixture of Giveon's signature baritone and flawless falsettos.

[13] Similarly, Billboard's Carl Lamarre said "Highlights [on Take Time] like 'Heartbreak Anniversary' and 'Favorite Mistake' showcase his penchant for pensive lyrics and moody soundscapes".

[15] NPR's Sidney Madden included the song in their Heat Check feature for February 2021, noting the wishful lyrics: "being 'foolishly patient' will serve you no good here.

[2] The "aesthetically pleasing"[21] visual finds Giveon grieving and reflecting on the good and bad times he had with his ex lover, played by Samantha Logan.

[22] The song initially broke out in Southeast Asia, reaching number one on the Spotify charts in the Philippines, Malaysia, Singapore and Indonesia, and the top 10 of various other countries.