The song was written and produced by YG Entertainment collaborators Teddy, Bekuh Boom, and Future Bounce, with additional lyrics penned by labelmate B.I of iKon.

Musically, it consists of a minimal drum and bass beat and integrates a variety of instrumentations, including a heartbeat and whistles—alluding to the title.

Directed by Beomjin J of VM Project Architecture, the accompanying music video features vibrant sets with the group members singing against various backdrops.

[10] Beginning with the gentle whisper, "Hey boy," the song transitions into a hip-hop beat which integrates instrumentations of snaps accompanied with the predominant whistling melody.

The instrumentations of whistling alludes to the sounds of a racing heartbeat, as well as the group member's desire for their romantic interests to call out to them.

Billboard K-Town's Jeff Benjamin opines that Blackpink "[embraces] the hip-hop sensibilities and club-ready sounds with which their seniors gained an international following", referring to their labelmates Psy, Big Bang, and 2NE1.

He further stated that the song, "brings together impassioned crooning and their youthful hip-hop delivery with minimal drum 'n' bass and an undeniable whistle hook".

[10] Rolling Stone's Brittany Spanos placed Blackpink in her list of "10 New Artists You Need to Know: September 2016", saying: "[a]ll low-end boom and high-end tweets, the infectious 'Whistle' feels like perfect pop update of the similarly chirpy Ying Yang Twins classic 'Whistle While You Twurk'".

[22] In 2023, "Whistle" became one of the first K-pop songs (along with BTS's "DNA") to be inducted into Korea World Music Culture's Hall of Fame.

Both songs on the single album Square One moved an estimated 6,000 digital units each in the first week of release, with "Boombayah" selling slightly more.

[36] The music video for "Whistle" was directed by Beomjin J of VM Project Architecture, and was released through Blackpink's official YouTube channel on August 8, 2016.

[37][38] The visual utilizes vibrant sets with the group members singing in outer space, empty corridors, and while cruising in a car.

They received their first music program award for "Whistle" a week later, and became the fastest girl group to achieve the feat.