In an unusual arrangement, the single was released with the consent of Prince's usual record distributor Warner Bros. Records, "The Most Beautiful Girl in the World" by NPG Records and Edel Music, and independently distributed by Bellmark Records, under the control and guidance of Music of Life, as a one off single. The unusual release was due to Prince's ongoing disputes with Warner Bros. Records. When the song was released on Prince's 1995 album The Gold Experience, Warner Bros. was the distributor.
The song was released both Prince's 1994 extended play The Beautiful Experience and the 1995 album The Gold Experience. The version that was released on The Gold Experience is a different mix of the song.
The song was played in part during the 1994 Miss USA pageant.
Prince's then-wife Mayte Garcia recorded her own version titled "The Most Beautiful Boy in the World." The song appears on her album Child of the Sun. It has the same instrumental backing track with extra reverb, and her vocals, with a few slight ad-lib changes. It was released by NPG Records, the record label of Prince.
Bruno Mars covered the song during The Moonshine Jungle Tour in 2013.