In 1987, a cover version by INXS and Jimmy Barnes appeared in the Joel Schumacher film The Lost Boys. This version reached #2 in Australia, as well as obtaining chart positions in both the U.S. (where it peaked at #47) and UK (where it peaked at #18, in 1991). A video clip was produced featuring INXS and Jimmy Barnes performing the song, with scenes intercut from The Lost Boys. The INXS version was also used to promote the national Australia Made series of concerts that took place between Boxing Day 1986 and Australia Day 1987.
The song was performed on the Top 12 Results Show of the second season of Australian Idol in 2004. This version of the song was then released by the Top 10 finalists nearly four months after the live show. It was released as a one-track CD single and reached a peak of #53 on the ARIA singles chart.
"Good Times" was covered by the American rock singer Meat Loaf on his 1995 album Welcome to the Neighbourhood. This new version, credited to Vanda/Young/Durkee/Loaf/Russo, was titled "Runnin' for the Red Light (I Got a Life)" and featured significantly different lyrics.