The song was initially recorded for inclusion on the band's fourth studio album Da Capo, with Jenny singing the choruses and Linn and Jenny sharing leads on verses. In 2005, a second version, dubbed the "summer version", was re-recorded in and reproduced with new co-production by Tommy Ekman. The track was supposed to be a "restart for making a new album," according to Jonas, but this never came to fruition. This version features Linn on choruses and Jenny on verses, and is one of the final songs recorded by Linn during her tenure with Ace of Base. Both versions were shared on Facebook on March 24, 2011. An additional third version with vocals provided by Jonas's d'Cats project was shared on Facebook on March 3, 2011.

The version featured on Hidden Gems is a slightly remixed form of the summer version, with subtle differences in production and structure. This version of "Would You Believe" was first available worldwide as a digital preorder bonus to Hidden Gems alongside the previously released 1998 b-side "Into The Night of Blue". "Would You Believe" was officially released as a single in Germany on February 27, 2015.

A lyric video for the song was released on February 13, 2015. The music video for the song was released on Ace of Base's official YouTube channel on January 12, 2016. The video was edited by Trace Adam and appeared online nearly a year prior to its official release in a slightly different form. The music video features segments from the 1995 and 1996 videos of "Lucky Love" strategically edited to make it appear as if the band members were singing to "Would You Believe." The version of the song that appears in the video is a slightly edited, shorter version that was not made commercially available.

The cover art for the digital German single features a photo taken at a photoshoot during the filming for the "C'est la Vie (Always 21)" video. The photo is similar in composition to the one used on the cover of the 2000 Greatest Hits release and the single artwork for "Hallo Hallo."

Digital download

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