Before "Hold On, We're Going Home" was released, Drake had an interview with MTV News about the song during the 4th Annual OVO Fest saying, "It's me and 40 just channeling our Quincy Jones/Michael Jackson production duo,... Obviously no offense to the greats, I know we're not anywhere near that — it's just us kinda doing our thing, humbly attempting." He also added, "It's not a rap record,... It's not 'Versace,' it's not 'Started from the Bottom.' In approaching this album I was like man, it would be great if we had a record that was played at weddings in 10 years or that people that are away from their families in the army could listen to. Something that just [has] timeless writing, timeless melody. So I did it with the group that we signed to OVO called Majid Jordan."
The music video is labeled a short film and takes place in 1985 Miami. It was directed by Bill Pope and released on September 24, 2013. In the video Drake plays a kingpin who gets his lover (Ashley Moore) kidnapped by a rival gang. Throughout the video, Drake does everything in his power to rescue her. Cameo appearances in the video included Fredo Santana, Steven Bauer, Johnny Simmons, Majid Jordan and ASAP Rocky among others.
"Hold On, We're Going Home" debuted at number five on the US BillboardHot R&B/Hip-Hop Songs, making it Drake's thirty-third top 10 hit on the chart. This accomplishment broke the tie for second-most top ten hits with singer R. Kelly, only trailing behind rapper Lil Wayne, who has 36. The song has also made the top ten in the Canadian Hot 100, peaking at number five, making it his highest charting single in his home country. In the song's fifth week on the US Billboard Hot 100, it became Drake's 13th top ten hit, climbing at number eight. This feat gave him the most top ten hits of the year with four, including "Fuckin' Problems" (#8), "Started from the Bottom" (#6), and "Love Me" (#9). The song has reached number four on the Billboard Hot 100 chart, becoming Drake's first song to reach the top five of the Hot 100 since "Find Your Love". The song peaked at number one on the Billboard Hot R&B/Hip-Hop Songs chart. It has sold over two million copies as of January 2014.
The song sold 207,000 copies in Canada in 2013.
The single reached a peak of number four in the UK giving Drake his highest peaking single there. It also received heavy rotation on South African radio stations, peaking a number one on the South AfricanAirplay Chart.