The song was the only studio track on the live album Arena, and was produced by Nile Rodgers, who had previously remixed the single "The Reflex". It was recorded at the end of July 1984 at Maison Rouge studios in London.

"The Wild Boys" became one of the band's biggest hits, reaching #2 on the American Billboard Hot 100 for four weeks, behind "Out of Touch" by Hall & Oates and "Like a Virgin" by Madonna and also hitting #1 on the Cash Box Top 100 chart. It peaked at #2 on the UK Singles Chart, and also reached the top position in Germany, Italy and on the Canadian CHUM Chart.

It became the band's biggest charting single in Australia, reaching #3. The band's parent album, Arena, was certified Double Platinum in the United States.

The idea for the song came from longtime Duran Duran video director Russell Mulcahy, who wanted to make a full-length feature film based on the surreal and sexual 1971 novel The Wild Boys: A Book Of The Dead by William S. Burroughs. He suggested that the band might create a modern soundtrack for the film in the same way that Queen would later provide a rock soundtrack for Mulcahy's 1986 movie Highlander. Singer Simon Le Bon began writing some lyrics based on Mulcahy's quick synopsis of the book, and the band created a harsh-sounding instrumental backdrop for them.

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