Robbers on High Street recorded a cover of the song for Engine Room Recordings' compilation album Guilt by Association Vol. Later in the song, Tresvant raps his retort, letting them know he appreciates their input but will ignore it at his own risk. The first finds Michael Bivins and Ronnie DeVoe trading lines, telling Ralph Tresvant to take it slow. There are two rap interludes in this song. Ralph Tresvant provided lead vocals, singing about wanting to let himself fall in love despite his friends telling him to 'cool it now.' The song is notable for a midsection rap recited by lead singer Ralph Tresvant, which calls out the rest of the group: ' Ronnie, Bobby, Ricky, and Mike.' In later years, the rap has been changed to include 'Johnny' for the last member to join, Johnny Gill, either including his name as a fifth name called out or replacing 'Bobby'. The song was the group's first top 10 pop single, peaking at number four on the pop chart, and their second number one R&B hit. With the group now signed to MCA Records, 'Cool It Now' (and the album from which it came) was given more extensive and widespread promotion than any single from their previous album (which had been released through a smaller, independent label), and helped bring the group a bigger fan base.
