Written in 1931, Leo Robin has related how publisher Con Conrad walked into his hotel room with Russ Columbo, and asked him to write words within the hour for a tune he had. Robin, who was on vacation, at first refused but Conrad explained that he wanted Columbo to demonstrate it to Flo Ziegfeld who needed a song for Helen Morgan in one of his shows. Robin then wrote the lyric, which he afterwards said he disliked, and the song was duly performed for Ziegfeld but he did not accept it. Russ Columbo, however, sang it on his radio show and recorded it on October 9, 1931 for Victor Records and it was very popular in 1932. Columbo also sang it in the 1933 short film That Goes Double. In 1946 the song became a major hit for Billy Eckstine, Perry Como and the Ink Spots.

African-American crooner Billy Eckstine recorded his version with Duke Ellington on piano and Art Blakey on drums September 4, 1945. The record became a million seller and a No. 10 hit.

Como's first recording was made on December 18, 1945 and released by RCA Victor Records as catalog number 20-1814-B. It first reached the Billboard magazine charts on March 30, 1946 and lasted 21 weeks on the chart, peaking at No. 1. The flip side was "All Through the Day". This recording was re-released in 1949, by RCA Victor, as a 78rpm single (catalog number 20-3298-A) and a 45rpm single (catalog number 47-2886), with the flip side "Temptation." Billboard ranked it as the No. 1 song of the year for 1946.

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