It features performances that were recorded in concerts at the Troubadour in Los Angeles, California, the Santa Monica Civic Auditorium, and the Rainbow in London, during Morrison's three-month tour with his eleven-piece band, the Caledonia Soul Orchestra, from May to July 1973.

Noted for being a mercurial and temperamental live performer, during this short period of time in 1973, Morrison went on one of his most diligent tours in years.

With his eleven-piece band, The Caledonia Soul Orchestra, which included a horn and string section, he has often been said to have been at his live performing peak.

The concert performances were described by Erik Hage as "sequences of a young soul lion whipping the crowd into a frenzy and then stopping on a dime—teasing out anticipation, rushing, receding, and coaxing every drop out of his band.

"[10] The performances on the live album were from tapes made at the beginning of the tour in Los Angeles and also in Santa Monica and London.

[11] The two concerts at the Rainbow Theatre in London were referred to as "the rock event of the year" by critics according to Ritchie Yorke in his biography.

Additional musical influences are revealed in the 2016 box set release; Hank Williams ("Hey, Good Lookin'") and Buddy Johnson ("Since I Fell for You").

The box also includes two new songs at the time of the tour and not released on any other album: "No Way", written by pianist Jef Labes; and "I Paid the Price", which was about his marriage with Janet Planet that was breaking up.

"[16] Morrison's musical perfectionism prevented him from including the popular song "Moondance" in the original album due to one wrong guitar note.

According to Elmore Magazine's Mike Jurkovic, when It's Too Late to Stop Now was first released in 1974, "everyone—and I do mean everyone—tripped over themselves to hail the two-LP set as one of the greatest live renderings of the rock era.

"[1] Reviewing the album in Creem, Robert Christgau hailed it as Morrison's best since Moondance (1970) while writing, "Songs that wore poorly or were just lame in the first place have more force and tightness here than in their studio versions".

"[27] At the end of 1974, It's Too Late to Stop Now was voted the 20th best album of the year in the Pazz & Jop, an annual poll of American critics, published by The Village Voice.

In a retrospective review, Jason Ankenny from AllMusic regarded the album as "an engaging, warm portrait of the man at the peak of his powers",[18] while Morrison biographer John Collis called it "one of the most impressive of all attempts to squeeze the stage excitement of a rock performer on to vinyl.

"[31] Chris Jones of the BBC wrote: "In a live setting all the hyperbole about Morrison's blend of genres into one Celtic, mystic vision makes perfect sense.

Van typically blows hot and cold on stage, but when he ignites on the oldies and choice blues covers here, few can touch him for pure blue-eyed soul passion.