Ray Davies said, "We'd been rehearsing 'Where Have All the Good Times Gone' and our tour manager at the time, who was a lot older than us, said, 'That's a song a 40-year-old would write. I don't know where you get that from.' But I was taking inspiration from older people around me. I'd been watching them in the pubs, talking about taxes and job opportunities."
The song has since gained "classic" status and featured on numerous compilations. Pye Records released the track as a single in November 1973 (Pye 7N 45313 b/w "Lola"). This re-release failed to chart.