Compiled by its writer-producer-director, Jack Haley Jr., under the supervision of executive producer Daniel Melnick, the film turned the spotlight on MGM's legacy of musical films from the 1920s through the 1950s, culling dozens of performances from the studio's movies, and featuring archive footage of Judy Garland, Eleanor Powell, Lena Horne, Esther Williams, Ann Miller, Kathryn Grayson, Howard Keel, Jeanette MacDonald, Cyd Charisse, June Allyson, Clark Gable, Mario Lanza, William Warfield, and many others.

Various segments were hosted by a succession of the studio's legendary stars: Frank Sinatra, Gene Kelly, Fred Astaire, Peter Lawford, Debbie Reynolds, Bing Crosby, James Stewart, Elizabeth Taylor, Mickey Rooney, Donald O'Connor, and Liza Minnelli,[1] representing her mother Judy Garland.

Several of the hosts, including Bing Crosby, remark on the backlot's crumbling conditions during their segments; the most notable deterioration can be seen when Fred Astaire revisits the ruins of the train station set that had been used in several films including the opening of The Band Wagon 20 years earlier, and when Peter Lawford revisits exteriors used in his 1947 musical Good News.

The film title is usually expressed with an exclamation mark, but in some contexts, the punctuation is dropped, as in the movie poster.

Over the years, under the leadership of Louis B. Mayer and others, Metro-Goldwyn-Mayer has produced a series of musical films whose success and artistic merit remain unsurpassed in motion picture history.

There were literally thousands of people .... artists, craftsmen and technicians .... who poured their talents into the creation of the great MGM musicals.

The premiere also featured several live introductions to the various on-screen segments; it was co-hosted by Sammy Davis Jr. and Liza Minnelli and featured live stage appearances by Debbie Reynolds, Frank Sinatra, Gene Kelly, Elizabeth Taylor, and others.

However, as a publicity event for MGM, it was completely overshadowed; the expected press were all across town covering the breaking news of the Symbionese Liberation Army shootout that night.

Despite statements made in the original theatrical trailer and promotional materials that such a production would never be repeated, That's Entertainment!

The use of multiple hosts was dropped for this production, instead Fred Astaire and Gene Kelly returned to co-host the retrospective, which expanded beyond musicals to pay tribute to MGM's dramatic and comedy stars as well.

The MGM trilogy also received a Blu-ray release in the late 2000s; the bonus content of the DVD box set was spread among the three films rather than presented as a standalone disc.