The song was composed by Jam, Lewis, Michael Bivins, Ronnie DeVoe, Harry Wayne Casey and Richard Finch.

In 1995, the song was re-released as the second single from Jackson's aforementioned Design of a Decade 1986–1996 compilation album, included new remixes by Roger Sanchez, K-Klass and MK, exclusively in European countries.

Jon Bream of the Star Tribune reported: "For most movie soundtracks, producers negotiate with record companies, managers and lawyers for the services of big-name singers.

[4] Larry Flick from Billboard wrote, "First peek into the hotly anticipated soundtrack to the film Mo' Money is a glittery, star-studded pop/jack affair.

The true kudos, however, go to the masterful Jimmy Jam and Terry Lewis, who have crafted a slammin' track that would work no matter what.

"[5] Amy Linden from Entertainment Weekly commented, "While the combo of Janet Jackson and Luther Vandross may be a marketing dream, artistically it blows.

[9] Iestyn George from NME noted its "sweet soul tread" that "carry an equally refreshing air of simplicity.

"[10] Tom Doyle from Smash Hits described it as "a smooth club number with a dreamy soul feel and a rap from the "special guests" in the middle.

[22] A music video was made for "The Best Things in Life Are Free", directed by American television director, producer, and writer Paris Barclay,[23] although neither Vandross nor Jackson appear in it.