ZZ Top covered the song on their 1979 album Degüello. The band released the song as a single the next year. Like the original, it too charted, reaching #34 on the Pop singles chart, becoming the band's second Top 40 hit (after "Tush", four years earlier).
Australian band The Casanovas recorded a version for their second album All Night Long. It is generally considered to be in recognition of former Australian act The Powder Monkeys who used to regularly play the song live and were a significant influence on the group.
In April 2009 Tower of Power released Great American Soulbook featuring personal favorite cover songs of the band. Blending soul, funk, jazz, Tower of Power funkified each tune including their version of "I Thank You". Sam Moore sang on "Mr. Pitiful" while Tom Jones guested on "I Thank You".
Bon Jovi covered the song which appeared on a special 2-disc version of their album These Days.
Classic rock singer Paul Rodgers included his version of the song on his 2014 cover album of soul classics The Royal Sessions.
The European candy company Storck has used the song in American television advertisements for their Merci chocolates, with the lyrics being paraphrased to convey the singer giving thanks to the recipient of the candy for various things they had done.