The song's lyrics plead with a lover to reconsider ending a romance the singer compares to that depicted by the stars of the 1948 film Key Largo, Humphrey Bogart and Lauren Bacall. The glamorous couple is recalled in the lyric We had it all / Just like Bogie and Bacall / Starring in our own late late show / Sailin' away to Key Largo. (In the film, though, Bogart and Bacall do not sail to Key Largo; Bogart arrives on a bus, and Bacall is already living there.) The lyrics also draw from the film Casablanca, in the lines "Here's looking at you, kid" and "Please say you will / Play it again". The song "Key Largo" was included on Higgins' album Just Another Day in Paradise. The album's title track topped out at #46.
In 2009, VH1 ranked "Key Largo" #75 on its program 100 Greatest One Hit Wonders of the 80s.
A promotional music video was produced in 1982, filmed in and around Tarpon Springs, Florida. The video begins with Bertie Higgins leaning against a pole, smoking a cigarette, reminiscing. Later, the singer is seen walking with a young woman, played by then-17-year-old Patty Wolfe. The video then cuts to the pair riding in a motorboat. The final scene shows the couple walking along a beach during sunset.