The song premiered in May 2014, but as the lead single from the upcoming second album of Rich Gang was released on June 5, 2014. There has been speculation on the seemingly homosexual undertones of the lyrics. He claims it is just language and he is not gay.
Pitchfork Media ranked the song at number 69 on their list of the top 100 songs of 2014.Complex named the song at number 2 on their list of the 50 best songs of 2014. Conversely, Brooklyn Russell of Pretty Much Amazing described it as "a sort of Millennial version of Generation X’s 'Nuthin' but a 'G' Thang,'" calling it "an all-encompassing generational hip-hop party track." Russell also praised the song's production, adding "Thug comes through over a breezy instrumental and casually gives us the now iconic opening line: 'I did a lot of shit just to live this here lifestyle.'"
A music video for "Lifestyle", directed by Be El Be, was released on June 29, 2014. The video featured Birdman, Young Thug, Rich Homie wearing clothing that resembles Prince's Fashion Evolution from the 1980s and others enjoying their time with call girls on a plane and yacht.