The song was recorded for Streisand's Wet album and also as a new track for Summer's compilation double album On the Radio: Greatest Hits Volumes I & II. The full-length version was found on Streisand's album, while a longer 11-minute edit (the 12" version) was featured on Summer's album. The longer 12" version features additional production by frequent collaborator Harold Faltermeyer, and incorporates a harder rock edge. The single was released on both Casablanca Records (Summer's label) and Columbia Records (Streisand's label) and sales of the two were amalgamated. The versions on the two 7" singles differed slightly however, with different mixes and slightly different background vocal arrangements. The formats differed between nations—in the UK for example, the song was only released on 7" by Casablanca, and 12" (the extended version from the On The Radio album) by Columbia.
Although the sales of the two labels' releases were amalgamated, both the 7" and the 12" were certified Gold by the RIAA in early 1980. The 7" single was eventually certified Platinum, signifying sales of two million US copies.
Bowing on the Hot 100 at number 59 on 20 October 1979, the single went to number one on the Billboard Hot 100 on 24 November – 1 December 1979 (making it both singers' fourth chart-topping single in the US, as well as Summer's final) and number one for four weeks on the disco chart. "No More Tears" was also a big international hit, and made the top three in both Canada and the UK.
After recording "No More Tears" Summer and Streisand did not perform the song together live, although Summer did sing the song in concert with other female performers, including Tina Arena and her sister Mary Gaines Bernard. Streisand included the song as part of her 2012 Barbra Live concert tour (released as Back to Brooklyn), where she discussed Summer's recent passing and how she wished Donna were alive to sing the song together.
In 1994, American singers Kym Mazelle and Jocelyn Brown released a cover of the song. It was produced by Mike Stock and Matt Aitken. The single peaked at number 13 in its second week at the UK Singles Chart, on June 12. It also charted in Australia, Belgium and Ireland, where it reached number 19. The single marked the first collaboration between producers Mike Stock and Matt Aitken since the split of the famous '80s production triumvirate with Pete Waterman. The idea to record the Streisand/Summer song came from the head of the Bell label Simon Cowell. Stock told in an 1994 interview, "The idea was to make something more camp and outrageous than k.d. lang and Andy Bell's recent version, which we found a bit drippy."
Larry Flick from Billboard commented, "All we have to say is that we would have paid any price to have witnessed the recording session for the Kym Mazelle/Jocelyn Brown duet "No More Tears." No doubt it was the diva fest to end them all—not to mention true history in the making. Only a pair with the vocal seasoning of these dance music legends could take on the Barbra Streisand/Donna Summer classic and make it work so well. The original version of the track was produced with a giddy hi-NRG attitude by Stock & Aitken". Robbert Tilli from Music & Media stated, "This remake is likely to be as big as a gay anthem as its forerunner was." Alan Jones from Music Week gave it four out of five, adding that when "these two mighty big mouths join together for a revamp" of the Streisand/Summer hit, "it will, of course, be a big hit."James Hamilton from the magazine's RM Dance Update deemed it a "Hi-NRG tempoed but cheesy" track.