It was released to American country radio by Black River Entertainment as the third single from her debut studio album The First Time (2015).

The track is a country pop ballad about a lost love being compared to the song's namesake as a metaphor for being immature and having a tendency to run off to his own fantasy.

The song was certified Double Platinum by the Recording Industry Association of America (RIAA), and has sold 672,000 copies in the US as of March 2017.

An accompanying music video for the song, directed by Kristin Barlowe, features Ballerini watching in terror as her boyfriend does thrill-seeking stunts in cars, motorcycles, and planes out in the Las Vegas desert.

[1] The ballad has been noted by critics for showcasing a greater emotional depth than Ballerini's previous releases in terms of both lyrical complexity and performance.

[2] In 2017, Billboard contributor Chuck Dauphin put "Peter Pan" at number two on his top 10 list of Ballerini's best songs.

[9][10] The achievement made Ballerini the first solo female artist to top both country music charts and also send their first three singles to number one since Wynonna Judd in 1992 with "She Is His Only Need", "I Saw the Light" and "No One Else on Earth".

[25] Directed by Kristin Barlowe, the video takes place in the Las Vegas desert with Ballerini looking on in terror as her boyfriend does thrill-seeking stunts in cars, motorcycles and planes.

[25] On April 3, 2016, Ballerini first performed the song live at the 2016 Academy of Country Music Awards with Nick Jonas on guitar as part of a medley with "Love Me Like You Mean It".