While the song is foremost credited to the X-Ecutioners, it was written and performed primarily by Shinoda and Hahn of the band Linkin Park. It was also produced by Shinoda. The song includes samples of the Xzibit song "Year 2000" and Linkin Park's demo tracks "Step Up" and "Dedicated". During the DJ scratching of the song's bridge, one can clearly hear the phrase "X-Men 'bout to blast off worldwide", X-Men being the former name of the X-Ecutioners which was changed to avoid copyright infringement.
"It's Goin' Down" peaked at number seven on the UK Singles Chart and number 28 in Australia. In the US, it reached number 85 on the Billboard Hot 100, number 13 on the Hot Modern Rock Tracks chart and number 29 on the Hot Mainstream Rock Tracks chart.
The song also samples Linkin Park songs on two occasions both being during the intro. First being "Watch them flee/Hip hop heads", which comes from the track "Dedicated". The second is a sample of Mr. Hahn saying "You do it like this", which is from "Step Up".
Linkin Park performed "It's Goin' Down" often in 2002 - 2004. They also collaborated with Snoop Dogg in one performance in which he said a few verses from "Gin and Juice."
"It's Goin' Down" also has various camera effects, such as Shinoda, the song's sole vocalist, leaving one side of the screen and immediately returning from the other. He also repeatedly slaps the side of the camera, causing a slight vibrating impact effect.