The female moan heard on the track is that of American actress Kim Basinger. The B-side was the live version of "Nothing Compares 2 U" in the US, while the UK backed the song with an edit of "My Name Is Prince". In addition, the UK issued two CD singles for "Peach", each backed by hits not on the collection. The first disc contained "Peach", "Mountains", "Partyman", and "Money Don't Matter 2 Night". The second disc contained "Peach", along with "I Wish U Heaven", "Girls & Boys", and "My Name Is Prince". The second disc was sold in a special fold-out collector's case with a place holder for the first disc, which was sold separately. Prince performed the song live during his 1993 tour. It was the main sound theme of Spanish's talkshow 'Corazón, Corazón' in mid 90's.

"Peach" peaked at number 7 on the Bubbling Under Hot 100 Singles chart; however, it did peak at number 14 in the UK. Its B-side, "Nothing Compares 2 U", charted at number 62 on the US R&B singles chart.

Rod Stewart recorded a cover of "Peach", featuring Slash on guitar, on his 2001 album Human. The song was also released as the B-side of his single "I Can't Deny It".

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