The LP mostly documents Jennings' outlaw country years for RCA Records during the 1970s and includes several of his most well-known signature songs, the most recent of which had been the title track of the album I've Always Been Crazy, issued the year before. "Only Daddy That'll Walk The Line", released in 1968, is the oldest track. Excluding the Mackintosh & T.J. soundtrack album and the White Mansionsconcept album, Greatest Hits became Jennings' eighth consecutive release to reach No. 1 on the charts; it was also one of his last chart-topping records, with What Goes Around Comes Around, released that same year, peaking at No. 2.
"Amanda" was originally issued on Jennings' 1974 album The Ramblin' Man, but had not been released as a single at that time. More than 4½ years later, new overdubs were added to the original track and the song was included on this greatest hits album. "Amanda" was issued as a single simultaneously with the album in April, 1979 and the song soon became one of the biggest country hits of the year.
The album has been 5× Platinum certified by the Recording Industry Association of America (RIAA) and 3× Platinum by Music Canada.[3][4] RCA first issued the original 11-track album on compact disc in 1984; in 1989, RCA reissued the album on CD and cassette with the songs resequenced and omitting two tracks ("Ladies Love Outlaws" and "Only Daddy That'll Walk The Line"). This is the version of the CD currently available.