Presley recorded it on March 21, 1960, in the RCA Studio B in Nashville, Tennessee.[1][2][3] He also sang it on with Frank Sinatra the TV special The Frank Sinatra Timex Show: Welcome Home Elvis (recorded March 26, 1960, and aired on May 12 of that year).

The song was first released on a single as the flipside to "Stuck on You" (RCA 47 7740).[4][5][6] It was Presley's first post-Army single.[7][6] "Fame and Fortune" peaked at number 17 on the Billboard Hot 100 on the week of May 5, 1960, while "Stuck on You" spent several weeks at number 1.[8] In the United States the single "Stuck on You" (backed with "Fame and Fortune") was certified Gold by RIAA for selling over 1 million copies.[9]