According to Robert Lamm, "Does Anybody Really Know What Time It Is?" was the first song recorded for their debut album.[1] The song was not released as a single until two tracks from the band's second album, "Make Me Smile" and "25 or 6 to 4", had become hits. It became the band's third straight Top 10 single, peaking at No.  7 in the U.S.[2] and No. 2 in Canada.[3] Because the song straddled years in its chart run, it is not ranked on the major U.S. year-end charts. However, in Canada, where it charted higher, it is ranked as both the 59th biggest hit of 1970 and the 37th biggest hit of 1971.

Lamm said of the song:

"[It's] not a complicated song, but it’s certainly a quirky song. But that was my intent. I wanted to write something that wasn’t ordinary, that wasn’t blues-based, that didn’t have ice cream changes, and would allow the horns to shine and give Lee Loughnane a solo. So all that was the intent.