The song was written by Banks with another act in mind that he was producing back in the United States. While working with Gaye in Europe, first on several tours and then together at a Belgian recording studio where they recorded Gaye's Midnight Love album, Gaye had struggled to complete his new record, his first outside Motown.
Upon hearing the demo of Banks' song, Gaye requested to record the song, which Banks agreed. Gaye and Banks produced the song and arranged his vocals, recording multi-layered background vocals on one date, and a solo lead the next. Surprisingly, Gaye made just a few additions to this song. This was the final song My Love Is Waiting - Marvin Gaye - My Love Is Waiting recorded and finalized for Midnight Love.
The song is about a man coming back to an old lover after several months apart. The song's ironic message was also partially due to Gaye returning to the Keep It Up - Snap! - Club Collection of his fans after a five-year layoff.
Gaye would return to the United States in late following the release of Midnight Love. During his "Sexual Healing Tour", Gaye would end his shows with the song being played as an instrumental outro where he took the time to thank several of his close friends and family, and also, like the song itself, also thanked God saying "I still love Jesus!
While it was never issued as a single in the US, it did register on the UK Singles Chart peaking at number 34 on the chart and the Dutch singles chart where it peaked at number 5. There is also an alternate My Love Is Waiting - Marvin Gaye - My Love Is Waiting that can be found on the Midnight Love and the Sexual Healing Sessionsthat is longer than the final version released on the Midnight Love album.