Predominantly led by drums, piano, and guitar, it was described by Pitchfork as a psychedelic rock and art pop song, with elements of electronic music.

Commercially, the track reached secondary charts in the Flanders region of Belgium and in the United States, while receiving a gold certification by the Australian Recording Industry Association (ARIA).

"It Might Be Time" was one of the first tracks that Kevin Parker worked on for the Tame Impala music project after the release of the 2015 album Currents and collaborating with several musicians,[1] including Travis Scott and Lady Gaga.

[5] A "self-isolation" version of "It Might Be Time" was shared on 30 March 2020 as part of a remixed edition of the album, subtitled An Imaginary Place.

[2] He discussed the song's meaning with the host Hrishikesh Hirway, while sharing early isolated versions of the track.

[11] Mike Greenhaus of Relix compared the post-punk elements to the theme song of the American television series Stranger Things.

[14] Al Newstead of Australian Broadcasting Corporation named "It Might Be Time" as one of The Slow Rush's closest songs to "festival sing-alongs".