One-Trick Pony was released in 1980, his first album for Warner Bros. Records. His back catalog from Columbia Records would also move to Warner Bros. as a result of his signing with the label. As a side note, the music careers of both Simon and Art Garfunkel were influenced by The Everly Brothers, one of the early members of the Warner Bros. label roster.
Paul Simon's One-Trick Pony was released concurrently with the film of the same name, in which Simon also starred. Despite their similarities, the album and film are musically distinct: each features different versions of the same songs, as well as certain songs that appear exclusively on either the film or the album. The album is best known for the Grammy-nominated track "Late in the Evening" which was a hit for Simon in 1980, peaking at #6 in the U.S. Two of the tracks (the title song and "Ace in the Hole") were recorded live at the Agora Theatre and Ballroom in Cleveland, Ohio in September 1979. The rest are studio cuts.
In 2004, One-Trick Pony was remastered and re-released by Warner Bros. Records. This reissue contains four bonus tracks, including "Soft Parachutes" and "Spiral Highway" (an early version of "How the Heart Approaches What It Yearns") both of which were featured in the film but were missing from the original album release. Also included in the re-release were the outtake of "All Because of You" (an early version of "Oh Marion") and "Stranded in a Limousine", which originally appeared on the 1977 compilation Greatest Hits, Etc..