Chesney recorded the song as a duet with McGraw and premiered it at the Academy of Country Music awards show, broadcast April 1, 2012. The two toured together in mid-2012.
Rodney Clawson and Chris Tompkins wrote the song. Clawson told Taste of Country that Tompkins had begun the song with a bass guitar line, when the two observed that "everybody wants to feel like a rock star."
The song debuted at number 13 on the Hot Country Songs charts dated April 21, 2012. It is Chesney's highest debuting single, the previous record-holder being "Don't Blink", which debuted at number 16. It is also the second highest-debuting single since January 1990, when the charts were first tabulated electronically by Nielsen Broadcast Data Systems, and the highest-debuting duet on that chart in that same timespan. Despite this high debut, the song peaked at number 11 on the May 26, 2012 chart, becoming Chesney's first single to miss the Top Ten since "The Tin Man" peaked at number 19 in 2001. On the following chart, "Feel Like a Rock Star" fell to number 18 while follow-up single "Come Over" debuted at number 24.
This high debut was achieved mainly by the song receiving 979 plays by radio stations on Billboard's survey in the day after the broadcast, most of which came from hourly airplay on stations owned by Clear Channel Communications.