The song debuted at number sixty-three on the BillboardHot R&B/Hip-Hop Songs during the chart week of September 22, 2007 and eventually peaked at number three, becoming his second top ten single from the album Graduation. The chart week of September 29, 2007, it was the "Hot Shot Debut" of the week on the Billboard Hot 100 debuting at number fourteen due to strong digital downloads. It has since climbed to the seventh position, becoming his second consecutive top ten Hot 100 single from Graduation, and T-Pain's sixth top ten single. The song debuted on the Canadian Hot 100 at number thirty-nine, and has peaked at number twenty-three. "Good Life" showed a strong reaction from the MuchMusic Countdown, where it reached number-one. The song was released in the UK on November 5, 2007, however it reached number thirty-three there without being officially released. Upon its release it has so far risen to twenty-three there.
Rotoscoped forms of Kanye and T-Pain against a white backdrop.
The music video for "Good Life" was directed by Jonas & François with animation by So-Me. The video premiered on September 11, 2007 as MTV Jams' "Jam of the Week". It features West and T-Pain performing with animated backdrops and often mouthing the words of the song lyrics, which appear in large letters. The version of the song used in the video contains an additional twenty-three second intro that the album version does not have. The video also features rapper/model LoLa Monroe. The video has reached #4 so far on VH1's VSpot Top 20 Countdown. It ranked #40 on VH1's "Top 40 Videos of 2007." The video was the recipient of several awards nominations, winning "Best Hip-Hop Video" at the BET Hip Hop Awards and "Best Special Effects in a Video" at the MTV Video Music Awards.
The song was featured on the HBO television series Entourage during season 4, episode 11, titled "No Cannes Do." In the final moments of the episode, Kanye West makes an appearance and lets Vincent Chase and his crew use his plane to fly to Cannes as the song "Good Life" faded into the credits.