It was originally recorded by the rhythm and blues group The Spaniels in 1954. The original version peaked at number five on the R&B Best Sellers chart. The best-selling version of the song was recorded by The McGuire Sisters in 1954. It was also recorded in 1954 by country music duo Johnnie & Jack. The song became well known again in the late 1970s as the closing song performed by Sha Na Na on their weekly variety show as well as its appearance in American Graffiti and again in the late 1980s after its use in the major hit film Three Men and a Baby. This song is completely different from the 1930s song sung by Rudy Vallée, among others. This song has the sub-title "it's time to go" with the now famous doo-wop bass line intro. This bass line was however not included in the McGuire Sisters' cover version, made to sell to white audiences. Dick Biondi plays the song at the end of every show on Chicago's 94.7 WLS-FM.
The song is sometimes covered by the band The Avett Brothers to close their shows.