It was first recorded by Band Aid, a supergroup assembled by Bob Geldof and Midge Ure consisting of popular British and Irish musical acts. It was recorded in a single day at Sarm West Studios in Notting Hill, London, in November 1984. It sold a million copies in the first week, becoming the fastest-selling single in UK chart history; it held this title until 1997. In 1984 it was a UK No.1 for five weeks and UK sales passed three million on the last day of 1984.

This version for sale was reissued the following year on 29 November 1985, reaching UK No.3 the week following Christmas. The 1985 single was remixed by Trevor Horn, the intended producer of the original version and it included an updated 'B' side entitled "One Year On (Feed the World)". It begins and ends with a recording of a telephone message from Geldof; inbetween featuring Ure reciting a list of what had been bought with the money raised during the previous 12 months.