"The Last Time" is the first single from Agnetha Fältskog's third English solo-album I Stand Alone, released in 1987. "The Last Time" was released as both 7 and 12 inch singles, as well as a 3 inch CD. The latter two also featured an extended version of the song.
The song contained a different sound from Fältskog's previous work due to the West Coast American influences of the producers, Peter Cetera and Bruce Gaitsch. Despite a modern sound and a well-known producer, the single was not a resounding success. Fältskog did promote the song, including visiting London in February 1988, but the single only reached No.77 in the UK. In The Netherlands, where Fältskog traditionally had a large fan base, the single peaked at No. 40.
For the South American market, Fältskog recorded a Spanish version of "The Last Time" called "La Última Vez". This version also appeared on the South American version of the album and is considered to be a rare recording.