Written by their lead singer Joey Tempest, it was based on a keyboard riff he made in the early 1980s, with lyrics inspired by David Bowie's "Space Oddity".

Originally intended only to be a concert opener, it is the first single and title track from the band's studio album of the same name.

The music video by Nick Morris, made to promote the single, has received over 1.2 billion views on YouTube.

[9] At first, the members expressed mixed reactions to it, including guitarist John Norum who was put off by the synth intro but later said that he was glad that they didn't listen to him.

So, I had that 'riff' tucked away in a drawer since my college years and I took it out, found a tempo for it, wrote lyrics, and it turned out to be a great opening for that album and for the show, as well.

[13] In 2009, Tempest told the BBC's Liam Allen, "I can trace bands like UFO in it, sort of a galloping theme like Iron Maiden had on The Number of the Beast album on quite a few songs.

[15] "The Final Countdown" became a success on the charts worldwide following its release during 1986 and 1987, reaching number one in 25 countries (including the UK, where it spent two weeks at the top and is Europe's only Top 10 hit to date),[16] and is widely regarded as the band's most popular and recognizable song.

[9] The song has been a regular in Europe concerts ever since its live debut on the premiere of their Final Countdown Tour in April 1986.

One of the most memorable performances of the song took place in Stockholm, Sweden on 31 December 1999, as part of the Millennium celebrations, as it was the first, and to date only, Europe performance with both of the band's lead guitarists, the original guitarist John Norum and his replacement, Kee Marcello.

[13] On 26 December 1987, the Hellenic Broadcasting Corporation (ΕΡΤ), used the song as the theme for the documentary "The Road to Glory" about EuroBasket 1987, which was won by the Greece men's national basketball team.

[82] The song was used as entrance music for professional wrestler Bryan Danielson on the independent circuit and in Ring of Honor (ROH) until September 2010, and again occasionally in All Elite Wrestling (AEW) since 2023.

[87] "The Final Countdown" is a particular favourite of guitarist Ritchie Blackmore, who incorporated elements of it into "Gone with the Wind", his 1999 reimagining of Lev Knipper's "Polyushko-polye".

[88][89] American husband-and-wife banjo-players Béla Fleck and Abigail Washburn performed an interpretation of the song in May 2015 for The A.V.