Following a mixed critical response to her previous studio album, ButterFly (1974), the singer began working with new musicians for the project.

Following the completion of the album, Streisand hand-wrote a note to Holmes that read, "Dear Rupert, don't be frightened, you're the best, love Barbra".

[8] It features handwritten liner notes developed by Streisand herself; she opened the booklet by writing, "While I usually let the vinyl speak for itself, I really had fun making this record, and I thought it might interest you to know something about each song.

Commenting on the diverse musical nature of the album, author Tom Santopietro described as the singer being able to "cover [...] all fan bases without seriously alienating any".

[12] The song tells a story of a lost love, with neighbors supposedly discussing the matter during "long and sleepless night[s]".

[15] Taken from his 1972 studio album Talking Book, she called the pop[1] song "immediately [...] touch[ing]" and considered Wonder "brilliant" for his work on it.

[7] Written by Howard Dietz and Ralph Rainger, Streisand's cover of Libby Holman's "Moanin' Low" appears as the eighth song.

[7] In order to place focus on the lyrics during the song, the production contains "octave leaps" while Streisand "changes timbre frequently and quickly between loud and soft sections and high and low pitches".

[13] Ninth track "A Child Is Born" features a simple piano arrangement accompanied by Streisand's vocals; Columbia Records' executive reacted to the track's new genre for the singer, stating, "You could put Barbra in front of a rock band or a symphony orchestra, she would still be Barbra Streisand, not compromising, not uncomfortable".

[16] "Widescreen", the album's closing track, was inspired by the singer's love of film; according to author Patrick E. Horrigan, it specifically explains "how the movies, dark and dreamlike, seduce us into believing that life can be fulfilling, then let us down as soon as we return to the light of day".

[21] Nicky Siano, a disc jockey, began playing Streisand's version of "Shake Me, Wake Me (When It's Over)" at The Gallery nightclub in New York City in the fall of 1975; in a handwritten letter by Streisand for Siano, she wrote that the hype generated from playing her cover at the club prompted Columbia Records to release it as another single from Lazy Afternoon.

Furthermore, Holden felt that as "the greatest singer of the past quarter-century, Streisand is one artist who not only withstands elaborate production but thrives on it".

[12] British singer Rumer stated in The Quietus that Lazy Afternoon is one of her favorite albums, in addition to calling it "cinematic", "dreamy", and a "gorgeous experience".

[33] Later in 1976 due to the album's strong sales, the Recording Industry Association of America (RIAA) certified Lazy Afternoon Gold on April 14, 1976 for shipments of 500,000 copies.

[34] In Canada, the album peaked at a much lower position; it debuted on RPM's official list at number 69 as the week's third highest entry on December 20, 1975.