In the notes for the 2007 album Dylan, Bill Flanagan said the following about "Forever Young":
After an eight year break from touring, Dylan's legend was big enough to fit all twelve apostles and still have room for a couple of Buddhas. He agreed to go back on the road in 1974 with The Band, his old backup group who had become stars themselves during the down time. They got together and quickly knocked off an album, Planet Waves, that featured two versions of a blessing from a parent to a child. In the years he was away from stage Dylan had become a father. He had that in common with a good chunk of the audience. The song reflected it. Memorably recited on American TV by Howard Cosell when Muhammad Ali won the heavyweight crown for the third time.
Rod Stewart recorded a song entitled "Forever Young" that was released as a single and included on his Out of Order album in 1988. The song was remarkably similar to the Bob Dylan song of the same title, sharing not only a similar melody but many of the same lyrics. Stewart agreed to share his royalties with Dylan.
In 2009 a remix of the song, "Forever Young (Continued)" was featured in a Pepsi commercial, with will.i.am rapping a verse. The advertisement ends with the slogan: "Every generation refreshes the world."