The track, written by band members Ben McKee, Daniel Platzman, Dan Reynolds and Wayne Sermon, was released as the lead single from their second studio album Smoke + Mirrors on October 27, 2014.
The band's network debut performing the track occurred at the American Music Awards (2014), where they received the award for Favorite Alternative Artist.
Lead singer Dan Reynolds has stated that the song is about his relationship with his parents.
On December 12, 2014, Imagine Dragons released the official music video for "I Bet My Life".
The video was directed by Jodeb and features actor Dane DeHaan.