The song was originally titled "On Our Way Home". McCartney claimed it was dedicated to his wife-to-be Linda Eastman, though the lyrics (e.g.: "you and I have memories/longer than the road that stretches out ahead" or "you and me chasing paper/getting nowhere") sounded to author Ian MacDonald like they were actually addressing Lennon.
An early performance of the song, in a guitar-driven rock style, can be seen in the Let It Be film. Unsatisfied with this style, which McCartney described as "chunky", the band reworked the song around acoustic guitars. The Beatles performed a finished version of the song live at Apple Studios on 31 January 1969; this performance was included in both the Let It Be film and album. The clip was also broadcast on The Ed Sullivan Show on 1 March 1970 as the final appearance by the Beatles on the program.
In May 1969, McCartney produced a recording of the song using this title by the group Mortimer, a New York City trio that briefly recorded for Apple, but this recording was never released.
Two of Us is the title of a 2000 VH1 television drama which offers a fictionalised account of 24 April 1976, the day Lorne Michaels of Saturday Night Live offered the Beatles $3,000 to appear on the program, when by coincidence McCartney was visiting Lennon at his New York apartment and watching the program.