Upon its release, "If You Think You Know How to Love Me" became a chart success all over Europe, peaking at No. 2 in Ireland, No. 3 in Sweden, No. 6 in Norway, No. 8 in Germany and No. 15 in the Netherlands. It took six weeks for the song to debut in the UK Singles Chart on 19 July 1975. After a few days, Smokie appeared on TV show Top of the Pops, and it helped "If You Think You Know How to Love Me" to climb the charts. The single eventually peaked at No. 3 and stayed in the British charts for nine weeks.
A second version of the song was included in the 1988 album All Fired Up, sung by Alan Barton. The 1975 version was sung by original Smokie member Chris Norman.
Jim Capaldi recorded a cover of the song in 1976 which was released only on the A-side of a Germany-only single. He changed some of the lyrics to suit his assertive, independent personality: "You know you've got my life lying in your hands / It's up to you to make me understand" is replaced by "You've got my life figured in your plans / But there's one thing you got to understand", and the chorus line "You've got to lead the way" is replaced by "Don't try to lead the way".