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 band The Powder Monkeys who used to regularly play the song live and were a significant influence on the band.
In April 2009 Tower of Power released “Great American Soulbook” featuring personal favorite cover songs of the band. Blending of soul, funk, jazz, and rock like no other band, Tower of Power funkifized each tune including their version of “I Thank You”. Surprisingly Sam Moore guest vocaled on “Mr. Pitiful” while Tom Jones piped in with T.O.P. on “I Thank You”.
Bon Jovi covered the song which appeared on a special 2-disc version of their album These Days.
Paul Rodgers has a version of it on his 2014 album "The Royal Sessions."