The unique guitar sound in the song was achieved by using a small Crate practice amp. Corgan has said that this song "has a lot to do with spirituality and trying to find my place in the universe and sort of humbly accepting limitations and the things I've been graced with. It's more of a humanistic world view. I'm not writing anymore for the tortured teen—both me and whoever was listening. I'm writing with the idea that everybody's experiencing these things all the time, and even if they're not experiencing them personally, they're affected by them. You can live in the street and write about the garbage, or you can try to get up a little higher and look down and try to see the bigger picture."
During the recording of Machina/The Machines of God, an early version of this song with very different lyrics had the working title of "Disco King". The final version of the song retains Chamberlin's consistent use of offbeat hi-hat beats, a disco technique. The final chorus was cut from the final version, though an a cappella section was added.
"The Everlasting Gaze" is one of three Smashing Pumpkins songs available as a downloadable track in the video game Guitar Hero: World Tour.