Commercially, the single experienced success in regions such as Australia, United Kingdom, Spain, Finland, and Ireland, whilst peaking inside the top 40 in countries like France, New Zealand, and Switzerland.

Since its release, "Step Back in Time" has been used in several media including an appearance in the 2013 British comic science fiction film The World's End.

It was recorded in London, England, whilst Stock and Aitken provided instrumentation including keyboards, drums, trumpets and guitars.

While expressing his pride in the song, Stock felt the lyrical concept wasn't taken to its full potential due to time constraints.

[2] According to Minogue's official website, the lyrical content "paid homage to the classic songs and dance moves of the disco era.

"[3] However, Jon Kutner, who wrote the book 1000 UK Number One Hits, labelled the sound as a "jingly pop song",[4] a sentiment also echoed by AllMusic's Tim Sendra.

", from Rhythm of Love was intended to be released after "Better the Devil You Know", but PWL executives scrapped the idea and changed it to "Step Back in Time".

[12] In France, a special mini CD included the original recording and instrumental version, alongside a cassette tape in Australia.

British author and music critic Adrian Denning selected the single as the best offering on Rhythm of Love (1990), stating that he preferred it over the "more popular 'Better the Devil You Know'."

[19] Cameron Adams from the Herald Sun placed it at number 17 on his list of the singer's best songs in honour of her 50th birthday, writing that: "["Step Back in Time"] flips the script and makes it about the love of music.

[21] In 2020, Alexis Petridis of British daily newspaper The Guardian ranked the song at number 19 in his "Kylie's 30 greatest singles" list, adding that it was a "total joy".

[35][36] An accompanying music video was directed by visual artist Nick Egan in Los Angeles, who says aspects of the retro concept were conceived by Minogue.

Another shot, which inspired by the artwork of the single, featured Minogue in a green and pink dress dancing in front of the wall of patterns and lights.

[41] On her 2005 Showgirl: The Greatest Hits Tour in London, United Kingdom, a sample of the track was sung during the performance of her 2000 single "Spinning Around".

[45] "Step Back in Time" was also performed as part of a medley on the 2012 Queen's Diamond Jubilee concert in London, United Kingdom.