The track was produced by Jim Steinman, who co-wrote the song with Dean Pitchford and was a top 40 hit in several European countries, as well as Canada and on the United States Billboard Hot 100.

[4] "Holding Out for a Hero" shares numerous musical elements with "Stark Raving Love", a track from Steinman's solo album Bad for Good (1981), including the piano riff and vocal harmonies.

Club's William Hughes stated that the song "displays some of the worst of its decade's (and composer's) typical excesses: The lyrics are laughable, and the heavy-handed synths and piano riffs come dangerously close to cheese", but adds, "The sum of those parts transcends their limitations, hooking directly into pure emotional need like only the greatest of torch songs can.

"[6] Writing in Metal Hammer, Paul Stenning described the song as "the ultimate pop anthem", stating "Only Jim Steinman can get away with such bombastic overtones, in this case the perfect coupling with Tyler's inimitable voice.

"[2] The accompanying music video for "Holding Out for a Hero" was produced by Jeffrey Abelson for Parallax Productions, directed by Doug Dowdle, with the concept by Keith Williams.

[8] Two recorded performances of "Holding Out for a Hero" have been released on Tyler's concert DVDs Bonnie on Tour (2006) and Live in Germany 1993 (2011), and their respective CD editions.

[15] In February 2022, the song again received media coverage for its use in "The Trials and Tribulations of Trying to Pee While Depressed", the seventh episode of the American TV series Euphoria.

[16] In 2001, Tandi Iman Dupree and Dee St. James performed a dance routine to "Holding Out for a Hero" at the Miss Gay Black America pageant.