The single was released in June 1981 in the US, July in the UK, and August in Australia. With neither Smith nor Sweet being a strong Top 40 force - Smith's solitary "Billboard" Hot 100 single had been "You Take My Breath Away" (No. 10 in 1979) while Sweet had yet to rank on the Hot 100 - their collaboration on "Everlasting Love" would only generate qualified chart impact: the single peaked at No. 32 on the "Billboard" Hot 100 in August 1981, affording Sweet her only Top 40 showing and Smith his second and last. It also appeared on "Billboard"'s Hot Adult Contemporary chart peaking at No. 31. The single was also a mid-chart item in the UK at No. 35; in Australia it reached No. 41 mainly due to its being a local Top 10 hit in Adelaide at No. 9. In 1982, the Smith/Sweet version of "Everlasting Love" became a Top 10 hit in Switzerland and Denmark. The song received a positive review from the "Austin American-Statesman" which described it as "one of the best hits... superbly produced with a crystalline intensity Phil Spector [classics. A fine arrangement & the vocal of the incomparable Rachel Sweet make [this a pure delight."