Jackson Browne originally began writing "Take It Easy" in 1971 for his own eponymous debut album but was having difficulty finishing the song. His friend and then-neighbor Glenn Frey had heard an early version and later asked Browne about it. Browne then played the unfinished second verse that begins with "Well, I'm a-standin' on a corner in Winslow, Arizona...", and Frey finished the verse with "Such a fine sight to see. It's a girl, my lord, in a flatbed Ford, slowin' down to take a look at me. Browne was very happy with the result and suggested that they finish the song together. The resulting song became the first track on the Eagles' debut album and was released as their first single.

On September 24, 2016, a life-sized statue of Glenn Frey was added to the Standin' on the Corner Park in Winslow, Arizona, to honor his songwriting contributions to "Take It Easy". Funds for the new statue, which depicted Frey as he appeared in the 1970s, were raised by the city, the Standin' on the Corner Foundation, and a classic rock radio station, KSLX, in Phoenix.