While on tour with Panic! at the Disco in 2008, Ryan Ross and Jon Walker began writing songs intended for the band's third album, but after showing the other members the songs they were working on it became apparent that a split was occurring over the direction that the band wanted to go in.
On July 6, 2009, Ross and Walker departed from Panic! at the Disco. They soon gathered in Los Angeles and began recording the songs they had originally prepared for the next Panic! album. They were aided with the help of Alex Greenwald of Phantom Planet, who ended up producing seven tracks out of eleven, and Rob Mathes who produced four songs out of the album. He had also produced Pretty. Odd. with Panic! at the Disco.
On July 28, 2009, Ross and Walker announced their new band was entitled The Young Veins and premiered a new song, "Change", on their Myspace profile.
"Change" was released as their first official single on April 5, 2010, as a free download on their website and then became available a day later on iTunes.
Their next single, "Take a Vacation!", which is the title track off their debut album, was released on May 18, 2010.
"Everyone but You" was released as their third single on May 28, 2010.
Several special box sets were made available exclusively for pre-order. One box set included a View-Master, with seven photos of the band. The box set also included a special lithograph image of the band. Another box set included a vinyl copy of the album along with the CD version, the View-Master with pictures, the special lithograph, a beach towel, a beach ball, sunglasses, a beach bag and a personally-signed postcard from the band.
On iTunes the album contains an exclusive bonus track entitled "Nothing Matters but You", which features Elizabeth "Z" Berg of The Like.