"I'll Be Waiting" has been highly successful across Europe; it topped the charts in the Czech Republic and reached the top five in Italy, the Netherlands, Belgium, and Switzerland and the top ten in Germany, Austria, and Slovakia, peaking at number 13 on a composite European Hot 100 Singles. In Germany it was his first top-ten single and his best-selling single, reaching #6. It saw mild success in North America, where it peaked at number 73 on the U.S. Billboard Hot 100 and number 45 on the Canadian Hot 100. The single has not charted in Oceania.
The original video for "I'll Be Waiting" was shot in Central Park in New York City with Marc Webb directing but that video was later shelved and a new version, which Kravitz co-directed with Philip Andelman, was filmed in Kravitz's New York City recording studio. The video which premiered on VH1's Top 20 Countdown at number three is shot entirely in black and white. It features Kravitz in the studio recording the song. He is shown playing the piano, the drums, the guitar, and the bass, and simply singing the song throughout the video. He is also shown towards the end directing the orchestra on the track.