The video is a live recording of the band playing the song in a studio with a small audience watching with both the video and audio taken live. The video was shot using three Ikegami 3-tube colour television cameras from the 1980s to give it a more aged effect. American band The Strokes had previously made a similar music video for their single "Last Nite"; Arctic Monkeys are known to be fans of The Strokes.
In October 2011, NME placed it at number 11 on its list "150 Best Tracks of the Past 15 Years". They later said it was the 7th-greatest song of all time on their list of the "500 Greatest Songs of All Time." 
In May 2007, NME magazine placed "I Bet You Look Good on the Dancefloor" at number 10 in its list of the 50 Greatest Indie Anthems Ever.
In February 2008, Alan Wilder, the former member of Depeche Mode, criticised the mastering of the song in an open letter on the Side-Line Magazine website. He described its sound as "a bombardment of the most unsubtle, one-dimensional noise."
The line "Your name isn't Rio, but I don't care for sand" is a reference to Duran Duran's song "Rio". This is the first of two references to Duran Duran in the band's lyrics, the second one appearing in the song "Teddy Picker" from their second album Favourite Worst Nightmare.