The song combines a drum machine beat and slow synth buildup for the verses and a full rock chorus. Backing vocals were done by Dez Dickerson and Lisa Coleman and the guitar solo was also played by Dickerson. In the song, Prince narrates a one-night stand with a beautiful but promiscuous woman (the "Little Red Corvette" of the title); although he enjoys the experience, he urges her to "slow down" and "find a love that's gonna last" before she destroys herself. In addition to the title, he uses several other automobile metaphors, for example comparing their lovemaking to a ride in a limousine.
A 12" dance remix of the song was released to accompany the single, and it continues where the album version fades out. The U.S. single was originally released with the album track "All the Critics Love U in New York" as the B-side, while in the UK two separate single releases had it backed with "Lady Cab Driver" or "Horny Toad". Separate UK 12" releases had the song paired with "Automatic" and "International Lover", or "Horny Toad" and "D.M.S.R.". Later, it was released as a double A-side with "1999".
The single was released with another 1999 track, "Let's Pretend We're Married".