Despite the success of the single "Highwayman" and Waylon's chart topping album Will the Wolf Survive (his first album for MCA after leaving RCA after twenty years), their presence on the charts had diminished compared to previous years. "Even Cowgirls Get the Blues," the single from Heroes, reflected this state of affairs, reaching #35 on the country charts.
Heroes was Cash's second-last original release on Columbia, with which he parted ways soon after the record's release (though he later returned to Columbia alongside Jennings for Highwayman 2 in 1990). It was produced by Chips Moman, who had helmed the Highwaymen sessions and had produced several Jennings albums, including 1977's Ol' Waylon.