In a Billboard interview, Martin described the track: "I fell in love with the melody of this song, which was brought to me by Wisin & Yandel. We sat down -- Wisin & Yandel, Desmond Child and me -- and we worked on the lyrics to make them more me. So we have several versions and we're working on a remix. The lyrics say, "You're beautiful, like the waves in the sea." And many people say, 'But Ricky, you've said you're gay.' And I say, 'Well, doesn't mean I'm blind. And I've also been in love with women before.'"
"Frío" received positive reviews from critics. The Los Angeles Times said: "steeped in the majestic atmospherics of reggaetón but reflected through a prism of creamy pop, the lush "Frío"—composed by famed boricua duo Wisin & Yandel—is probably the strongest cut here." The New York Post called it a beautiful standout tune.Latina wrote that "the reggaeton-tinged "Frío" slows things down with lyrics about a beautiful woman imagined by Martin and collaborators Wisin & Yandel. The remix of the song makes for a sexy dance floor number."
Música + Alma + Sexo contains the original solo version of the song and a remix featuring Wisin & Yandel. The latter was released as a single on July 18, 2011 as Remix Radio Edit. One week earlier, on July 11, 2011, the new version of "Frío" remixed by Wally López was also released as a digital download. Remix created by López was included later on the Fan Edition of Música + Alma + Sexo.