The label is credited with helping and launching the music careers of Queen Latifah, Amber, Afrika Bambaataa, Stetsasonic, Digital Underground, Coolio, De La Soul, House of Pain, Naughty By Nature, and Force MDs.

The label was an outgrowth of Silverman's Dance Music Report bi-weekly publication, which spanned 14 years, beginning in September 1978.

[6][7] As A&R for the label, she signed and managed Queen Latifah, De La Soul, and host of hip hop musicians.

Julie Greenwald, Sylvia Robinson, DJ Jazzy Joyce, Mona Scott, and Claudine Joseph also made their mark on different areas of hip-hop.

[15] In 1997, Tommy Boy launched an imprint label called Upaya to pursue the growing interest in spirituality and spiritual/world music.

[21][22] In 2002, Tommy Boy Records became independent again after it ended its joint venture with Warner Bros. Records, which wanted greater unit sales, and the master tapes released until that time became property of Warner Music, while the Tommy Boy trademark remained with Tom Silverman.

[29] Controversy rose in early 2019, after Tommy Boy announced that the catalog of its formerly signed group De La Soul would be available on streaming services later that week.