The song was originally recorded during sessions for Tull's 1969 album Stand Up, and released in the same year as a stand-alone single. It was restored as a "bonus track" for the 2001 CD reissue. However, it became even more popular after its 1972 release on Tull's compilation album, also called Living In The Past. After its release on the album, it became the band's first Top 40 hit in the U.S., peaking at #11.

The song, which was originally released at the peak of the Vietnam War, seems to be about people wishing to live in peaceful times (the "past" mentioned in the song) rather than at a time of war and turmoil (the "present").