The album was recorded in Brazil during 2023 and includes 16 tracks: originals by Spalding as well as jazz and pop standards from Nascimento's catalogue.

Nascimento, who was 81 at the time of recording, is heard on tracks "Cais", "Outobro", "Saci", "Morro Velho", and "Um Vento Passou (Para Paul Simon)".

[8] Tracks "Outubro", "Um Vento Passou (Para Paul Simon)" and "Saudade dos Aviões da Panair (Conversando no Bar)" were released as singles.

Matt Collar of AllMusic wrote, "At the center of all this are Nascimento and Spalding, whose smiling interplay helps make Milton + Esperanza feel like both a capstone to a monumental career and continuation of a musical legacy.

"[21] Ernesto Lechner of Rolling Stone added, "The result of their collaboration is Milton + Esperanza, an episodic, strikingly impressionistic album that combines reworked Nascimento classics with new Spalding originals, warm audio vignettes, and a couple of intriguing covers.