Like the television series, the soundtrack became an immediate success. It debuted at number on on the US Billboard 200. The soundtrack was certified triple-platinum by the Recording Industry Association of America (RIAA) for exceeding sales of three million copies. Furthermore, it became Cyrus' first number-one album, the first soundtrack to debut atop the chart, and the first soundtrack in over twenty years to peak atop the chart. The album was also moderately successful in other territories. In Canada, the album peaked at number three on the chart, and received a Gold certification. Though unable to chart on the main album's chart, it reached number seven on the UK Compilation Chart; it was later certified Gold in that country as well. The album went on to sell 4.5 million copies worldwide.
The album saw the release of the single "The Best of Both Worlds" in early 2006. The single also serves as the theme song for the series, and lyrically speaks of the double life portrayed by Cyrus' character in the series. "The Best of Both Worlds" became Cyrus' first song to chart on the Billboard Hot 100 chart in the US, peaking at number 92. Though not released as official singles, numerous other songs from the soundtrack charted on various Billboard charts after being premiered on the series. Cyrus toured in character on the The Party's Just Begun Tour alongside The Cheetah Girls throughout 2006 and 2007, where she performed all eight of Montana's songs from the album. Songs from the soundtrack were later performed in character on the Best of Both Worlds Tour throughout 2007 and 2008.
Work on the first season of Hannah Montana begin in 2005. When asked about the possibility of a soundtrack album, Cyrus stated "Right now we're just all really focused on making Hannah Montana the show as good as it can be, but hopefully in the future there may be a Hannah Montana soundtrack." The television series debuted on March 24, 2006 to immediate success. The series premiere had a total of 5.4 million viewers, the highest premiere ever for a Disney Channel series. Following the early success of the series, comparisons between Cyrus and fellow Disney star Hilary Duff were made, prompting rumors of an album. It was later announced that both a soundtrack for the series and Cyrus' official debut album were in the works. She later stated "Most songs for the first season reflect the show, with Miley or Hannah making sure the other doesn't get caught." While making the soundtrack, Cyrus worked with writers and producers such as Antonina Armato and Matthew Gerrard, among others.
The soundtrack debuted at #1 on the Billboard 200 album chart, selling 281,000 copies in its first week, beating out such artists as John Legend and rock band My Chemical Romance, and held its ground in its second week, remaining at #1 with 203,000 copies sold, edging out the debut of Barry Manilow's album The Greatest Songs of the Sixties. The album was the first TV soundtrack to debut on the chart at number one, and the first from a TV series in more than 20 years to hold the number one position.
The album has maintained its presence on the Billboard 200, never falling below the top 100 albums until April 2008. It has been certified 3× Platinum by the RIAA and went Gold in the UK in just 4 weeks. It has spent a total of 34 weeks on the UK Compilation Chart.