The song is a remix of Method Man's "All I Need" (which appears on his 1994 debut album Tical), with an interpolation of Marvin Gaye & Tammi Terrell's hit, "You're All I Need to Get By", with Mary J. Blige singing the choruses, and backing vocals. Another version of the song was released, entitled "Puff Daddy Mix," which was produced by Sean Combs. The song contains a new instrumental which includes a repeated sample ("Lie together, cry together/I swear to God I hope we fuckin' die together") from The Notorious B.I.G.'s "Me & My Bitch". Another remix version, titled "Razor Sharp Mix" was produced by RZA. The song sold 800,000 copies and was certified platinum by the RIAA.
"I'll Be There for You/You're All I Need to Get By" appears on Radio 1 Established 1967, a compilation album celebrating the 40th anniversary of BBC Radio 1.
In 2008, it was ranked #44 on VH1's "100 Greatest Songs of Hip Hop" list.
In 2009, Method Man and Mary J. Blige performed the song together at VH1's 6th Annual Hip Hop Honors ceremony. The song is often cited as the hybrid of what's now known as "Thug-Love" duets.
In 2012, Complex ranked the song #1 on its list of "The 25 Best Hip-Hop Love Songs."
In a July 2012 interview with Complex magazine, Jean Claude "Poke" Olivier- one-half of the production team the Trackmasters- claimed they were the actual producers behind the Sean "Puffy" Combs remix, but were never properly credited for it. Instead, they were only credited as session musicians for programming the drums while Combs was credited as the producer.