The music was composed by Richard A. Whiting. In the original movie it was sung by Johnnie Davis and Frances Langford, accompanied by Benny Goodman and his orchestra.
Lyrics can be difficult to fully understand today, as they reference people (e.g. Aimee Semple) or cultural elements (e.g. rotos) which have since been forgotten. They have evolved over the years. Notably the where any shopgirl can be a top girl, if she pleases the tired businessman vanished quite quickly -- absent from the 1958 Doris Day version -- replaced with and any barmaid can be a star made if she dances with or without a fan. The latter part referring to Sally Rand and her "fan dance". Today the song is performed mostly as a melody.
The melody was used on the Jack Benny radio show as the final theme song. The song appears in the final shot of Robert Altman's film The Long Goodbye (1973) starring Elliot Gould as Phillip Marlowe.
The song is also used as the opening to Disney's Hollywood Studios Great Movie Ride attraction.