The track was written by Dominique Durand, Adam Schlesinger and Andy Chase, with the latter two plus Lloyd Cole and Peter Nashel handling its production.

It is a pop song accompanied by light vocals and a horn section, with Durand gently singing about falling in love, over several layers of guitars and relaxed harmonies.

[12] "I've Got a Feeling" was written by Dominique Durand, Adam Schlesinger and Andy Chase, with Lloyd Cole and Peter Nashel handling additional production.

Paul Q. Kolderie and Sean Slade served as the track's mixers, with Matthew Ellard's role being an assistant to them, and Bob Ludwig finalized the mastering.

[16] According to the liner notes of an advanced release of Apartment Life, the band members wanted to create compositions that followed their "trademark guitar-based arrangements" with additional instrumentation;[17] a majority of the aforementioned production comes from multiple layers of guitars.

[18] Jack Rabid from AllMusic described the track as one of the "more lighthearted yet still crafted, cleanly produced, stylized old-pop with warmth" ones on Apartment Life.

[14] Referring to is as a whole, John C. Hughes from Pop Dose wrote that "I've Got a Feeling" was one of Ivy's works that "piled on layers of guitars" to produce a "beautiful, shimmering, three-minute masterpiece".