The song is a power ballad, where Kravitz sings of waiting for someone, heartbroken over a failed relationship, to realize he is the one who really loves her.

The original video for "I'll Be Waiting" was shot in Central Park in New York City with Marc Webb directing but that video was later shelved and a new version, which Kravitz co-directed with Philip Andelman, was filmed in Kravitz's New York City recording studio.

The video which premiered on VH1's Top 20 Countdown at number three is shot entirely in black and white.

He is shown playing the piano, the drums, the guitar, and the bass, and simply singing the song throughout the video.

Kravitz performed the song at the American Music Awards of 2007 and on the 2008 Dick Clark's New Year's Rockin' Eve.