The song was released on January 11, 2000 as the first single from band's second studio album No Strings Attached.
The song was written and produced by Kristian Lundin and Jake Schulze, with additional writing by Andreas Carlsson.
Song's lyrics describe the end of a romantic relationship; it was reported to also reference the group's separation from their manager Lou Pearlman and their record label RCA Records.
The song was featured on the 2001 American compilation album Now That's What I Call Music! 6.
"Bye Bye Bye" was a commercial success, peaking at number 4 on the US Billboard Hot 100 and within the top 10 in almost every country it charted in.