The author of the original story, Norman Krasna, saw "You and Me" as an opportunity to direct, but original stars George Raft and Carole Lombard objected. Raft was suspended and by the time he was reassigned, Sylvia Sydney had replaced Lombard with Richard Wallace as director. Sydney, who had starred in Fritz Lang's first two American films, successfully lobbied to have Lang replace him.
According to Production Code materials in the archive of director Fritz Lang, Raft's character's name was changed from "Joe Damati" to "Joe Dennis", as identifying that character as an Italian-American might have resulted in the film being banned in Italy.
This film failed at the box office, and director Fritz Lang called it "my first real flop" in a 2003 biography.
One of over 700 Paramount Productions, filmed between 1929 and 1949, which were sold to MCA/Universal in 1958 for television distribution, and have been owned and controlled by Universal ever since. It was released on DVD 11 March 2015 by Turner Classic Movies as part of the Universal Vault Collection.