The track was considered by many commentators to be an unconventional single, and it only reached number 21 in the United Kingdom. According to NME critics Roy Carr and Charles Shaar Murray, "As a potential hit single, the title track from Diamond Dogs was something of a non-event. Too long, too bleak in vision, too tough to dance to... you know the drill."
A live version from the 1974 tour was released on David Live. This version was also issued on the Dutch release Rock Concert. Another live recording from the 1974 tour was released on the semi-legal album A Portrait in Flesh.
A live performance recorded on 23 March 1976 was released on Live Nassau Coliseum '76, part of the 2010 reissues of Station to Station.
It was released as a picture disc in the RCALife Time picture disc set.
The 4:37 edit heard on the 1980 Best of Bowie compilation LP was released on CD in 2004, on the bonus disc of the 30th Anniversary edition of Diamond Dogs (though commentators note dissimilarities).
The Australian single edit was reissued in 2016 on Re:Call 2, part of the Who Can I Be Now? compilation.
Beck recorded a cover version of "Diamond Dogs", produced by Timbaland, for the film Moulin Rouge! in 2001. The dancers in the film were also called the Diamond Dogs, as were the dancers on Bowie's 1974 tour.