The music was written by John Kellette. The lyrics are credited to "Jaan Kenbrovin", actually a collective pseudonym for the writers James Kendis, James Brockman and Nat Vincent. The number was debuted in the Broadway musical The Passing Show of 1918, and it was introduced by Helen Carrington.

The copyright to "I'm Forever Blowing Bubbles" was originally registered in 1919, and was owned by the Kendis-Brockman Music Co. Inc. This was transferred later that year to Jerome H. Remick & Co. of New York and Detroit. When the song was written, James Kendis, James Brockman, and Nat Vincent all had separate contracts with publishers, which led them to use the name Jaan Kenbrovin for credit on this song. James Kendis and James Brockman were partners in the Kendis-Brockman Music Company.

The waltz was a major Tin Pan Alley hit, and was performed and recorded by most major singers and bands of the late 1910s and early 1920s. The song was a hit for Ben Selvin's Novelty Orchestra in 1919. The Original Dixieland Jass Band recording of the number is an unusual early example of jazz in 3/4 time.

The writer Ring Lardner parodied the lyric during the Black Sox scandal of 1919, when he began to suspect that players on the Chicago White Sox (a United States-based baseball team) were deliberately losing the World Series to the Cincinnati Reds. His version began: "I'm forever blowing ballgames."

The song also became a hit with the public in British music halls and theatres during the early 1920s. Dorothy Ward was especially renowned for making the song famous with her appearances at these venues. The song was also used by English comedian "Professor" Jimmy Edwards as his signature tune—played on the trombone. Harpo Marx would play the song on clarinet, which would then begin emitting bubbles. The melody is frequently quoted in animated cartoon sound tracks when bubbles are visible. The title air, or first line of the chorus, is quoted in the 1920s song "Singing in the Bathtub", also a popular standard in cartoon sound tracks, including being repeatedly sung by Tweety Bird.

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