The song was written for Billy Preston in 1969, but Harrison decided not to ask Preston to record the song during his "funky" phase, seeing the song as too much of a "catchy pop tune".2
An instrumental outtake version of the song appears on the 2001 re-release of All Things Must Pass. Featuring a piccolo trumpet and oboe, it was discarded because Harrison "didn't like the feel".
German studio trio The Discoteques made a cover of the song, making the Swedish charts in the winter of 1972. Australian pop singer Olivia Newton-John recorded a cover of "What Is Life" and reached the UK top 20 and the US Adult Contemporary singles chart in 1972. Les Fradkin has a cover version included on his 2005 tribute CD "Something for George".
Harrison's original version is featured in the movie Goodfellas, during the "May 11th, 1980" sequence. It is also featured in the movies Patch Adams and Big Daddy, the latter being a cover by Shawn Mullins during the end credits.