Described as a "gift" to his fans, the single marked J-Hope's final music release before he began his mandatory military service in April 2023.

[2] He then featured on the single "Rush Hour" by South Korean singer Crush in September, following the latter's completion of his mandatory military service in August.

[12] Per a press release from Big Hit, the "street" motif can also be interpreted as a "metaphor for life", as it is "a place where many people's everyday lives pass by".

[13] "On the Street" is a lofi hip hop track with "elements of boom bap mixed with a catchy whistle hook"[6] and an "easy-listening melody".

[16] Cole's verse follows next and is a "candid, reflective section" that "look[s] back with appreciation on the rapper's journey: 'All hail the mighty survivor of hell…/ Fought tooth and nail/ Just to prevail 'mongst its most ruthless'".

[6] "On the Street" received generally positive reviews from music critics upon release, with praise for the way J-Hope and Cole complement each other on the track as well as the warm and empowering messages contained within the song.

She wrote that the track "feels like J-hope's only concern here is leaving things on a high and showing gratitude for those who have supported him along the way", but opined that his impending military service made the otherwise "dream come true" collaboration "bittersweet", "turning it into a farewell".

"[18] Writing for Billboard, Jeff Benjamin commented that "On the Street" is "brimming with gratitude" and "true to both artists' penchant for invigorating and socially conscious messages", and felt that "the song's warm energy is undeniable.

He felt that the rapper's confidence in his "fresh solo era" coupled with his desire "to share that joy with the world" and "the song's breezy, empowering beat" made it feel like "years of dreams wrapped inside of a beautiful package.

"[19] GMA Network's Nika Roque called the song "smooth yet emotional", J-Hope's lyrics "heartwarming" and "comforting", and Cole's verses "equally moving".

[16] "On the Street" sold 5,728 downloads on its opening day in Japan and debuted atop the March 3, 2023 issue of Oricon daily Digital Singles Chart.

Uploaded to the Hybe Labels YouTube channel, the clip opened with a shot of J-Hope from behind, walking atop the roof of a city building.

A bonus end-scene shows J-Hope meeting Cole atop the rooftop and the two "exchanging pleasantries", reminiscent of the scene from the teaser, before again fading to black.

[19][16] Though J-Hope did not appear on any domestic television music programs to promote the song, "On the Street" was nominated for first place on the March 9, 2023, episode of M Countdown, alongside "Teddy Bear" by STAYC, and won.