The single was initially intended to receive a full release as the fourth single from Plastic Beach, with copies of the physical single being sent to radio stations across the United States. However, just days after the copies were issued, the band made the decision to issue non-album single "Doncamatic" instead. Band member Murdoc Niccals stated the following about "Rhinestone Eyes" in an interview:
"This one was recorded in my little submarine. I nicked a bit of my own 'Electric Shock' track, and stuck it in here, with a little delay over the top. Came out quite well, don't you think?."
The band performed the song live for the first time at the Wedgewood Rooms in Portsmouth, as part of their Escape to Plastic Beach World Tour. The band recorded a live set for the Late Show with David Letterman on 8 October 2010. The set was released on the show's webcast, with "Rhinestone Eyes" being played on the main show.
A storyboard version of a possible music video for the song was released on 4 October 2010 to the band's official YouTube channel. The storyboard begins by telling the story of how all four of the band members reunite on Plastic Beach, with the return of Russell and Noodle. The opening scene shows Russell and Noodle heading to Plastic Beach, with Noodle riding on the top of Russell's head, as he eats a hammerhead shark. The Boogieman then appears at the top of Plastic Beach, with Murdoc and Cyborg Noodle discovering him. Cyborg Noodle begins to shoot at the Boogieman, as he hides behind a statue resembling the cover of the band's album D-Sides. The Boogieman then jumps into the ocean, with 2D noticing him from his room, and lands on an empty ship. The Boogieman then points to Murdoc and remembers a flashback in which men on horses pass by in a desert setting, possibly Mexico, where Murdoc used to be an arms dealer, while the Boogieman is left behind on a donkey. A mysterious man approaches him and holds his hand out as a sign of friendship. As the Boogieman stretches out his hand, the man grabs his hand and the man is revealed to be Murdoc. The scene returns to normal with the Boogieman feeling outwitted as Murdoc grins. Cyborg Noodle blows up the entrance while holding a complete arsenal of weapons, surprising all of the fellow people who collaborated on Plastic Beach as her eyes start to water, similar to the Stylo video. The Boogieman then summons his own army to attack Plastic Beach while Cyborg Noodle and the collaborators try to defend the island. A whale begins to bite the bottom of Plastic Beach, scaring 2D who is afraid of whales and puts his clown mask on his face, until Russel grabs its tail and tosses it into the sky, hitting a plane. Cyborg Noodle is startled to see Russel while Russel opens his mouth, revealing Noodle to be inside. Noodle takes off her mask and reveals some scars around her right eye.
Currently, a music video is being developed by Richard Van As, a user that through his blog is using elements of animation and 3D graphics to create it.