The track was released on December 31, 2014 to the iTunes Store. The track features English musician and former member of The Beatles and Wings, Paul McCartney, the song also features uncredited vocals by Ty Dolla $ign. Kanye West is described in a press release as not being able to remember singing the words to "Only One" when he and McCartney were later reviewing the early 2014 sessions that generated the song.