The song was nominated for the Best Country Duo/Group Performance at the 2017 Grammy Awards.
"Setting the World on Fire" debuted at number 26 on the Australian Singles Chart, becoming Chesney's first ever song to chart in Australia.
In Canada, the song debuted at number 47 on the Canada Country chart and has reached number one and debuted at number 67 on the Canadian Hot 100 and peaked at number 48.
In the United States, the song sold 93,000 copies in its first week, marking Chesney's biggest sales week for a single, surpassing the previous best sales week of his 2012 song "Feel Like a Rock Star".
It was the second best-selling song for the week of August 20, 2016. It debuted at number 29 on the US Billboard Hot 100, becoming Kenny's 25th top 40 hit on the all-genre chart.