The song was written in 1984 by singer-guitarist Susanna Hoffs with Louis Gutierrez, making it the Bangles' first of four US Top 40 hits composed by at least one band member.

"Walking Down the Street" was the most recent of a small batch of songs the band brought into the studio when recording for the album commenced in 1985.

It was initially discussed as a potential first single for Different Light, before "Manic Monday" was recorded.

The video for the song features appearances by Randy Quaid and Little Richard.

The song's video features members of The Bangles as a neighborhood band, the Love Beats, that wins a contest in which the prize was a trip to Los Angeles to open a concert for Little Richard, who appears in the video chatting with the girls before they go on stage.