The track was originally recorded for the album of the same name, but for unknown reasons (most likely that the pop-oriented record did not fit the overall reggae sound of the album) it did not make the final cut. It received a scarce 1983 release as a UK white label single and was officially released only in Portugal. Jones, however, performed the track on several TV shows. A remixed version was released as the B-side to the UK reissue single of "Love is the Drug" in 1986. This version appears on the 1998 compilation Private Life: The Compass Point Sessions. The original and dub versions are yet to be reissued on CD.
The music video for the song was directed by Jean-Paul Goude and famously includes the "suicide" scene, with Grace blowing her brain out. Excerpts from the "Living My Life" video were used in the "Slave to the Rhythm" clip. The music video for "Living My Life" was also included in Jones' concert film, A One Man Show.