The song's lyrics refer to several historical figures, starting with the Ukrainian Marxist revolutionary Leon Trotsky who "got an ice pick / that made his ears burn".

[5] The second verse reels off "dear old Lenny", that is, the stand-up comedian Lenny Bruce; "the Great Elmyra", identified by Cornwell as painter and art forger Elmyr de Hory;[6] and the fictional character Sancho Panza from the novel Don Quixote.

At the time of the single's release, the B-side "In the Shadows" was a non-album track; however, it appeared on the Stranglers' next studio album, Black and White (1978).

The band's publishers threatened legal action against Elastica in 1995, arguing that their single "Waking Up" borrowed elements of "No More Heroes".

The song was featured on the closing credits of TV series Zapped, Season 2, Episode 6.