The album marks a milestone for the band. It is their first greatest hits album, and at the time of its release, the band's two remaining founders John Rzeznik and Robby Takac had been together for 21 years. The follow-up compilation, Vol.2, was released on August 19, 2008, consisting of rarities, B-sides, covers and a DVD of music videos and live performances.[7]
Volume One debuted at number 33 on the U.S. Billboard 200 chart, selling about 33,000 copies in its first week.[8]