The single was released on June 1, 1987, but did not chart until February 1988, around the time the band filmed their Live in New York concert for MTV. In May 1988, "Wait" finally cracked the top 10 in the US, due in no small part to MTV airing the "Wait" music video in regular rotation—nearly seven months after the single's release. The song peaked at #8 and also charted at #48 in Canada and #88 in the UK.
The song features a music video and was also re-recorded in 1999 on the album Remembering White Lion (also released as "Last Roar" in 2004) and a live version was released in 2005 on the live album Rocking the USA. The live version was released as a promo and later iTunes single and also features as a bonus track on the album Return of the Pride.