"7 Rings" debuted at number one on the Billboard Hot 100, earning Grande her second number one single (and second number one debut), where it spent 8 non-consecutive weeks atop the chart, becoming her longest running number one single to date. In addition, the single is also Grande's longest chart runner on the Hot 100 to date, spending 33 consecutive weeks before dropping out. The song also topped the charts in several other countries including Australia, Canada, Czech Republic, Estonia, Finland, Greece, Hungary, Iceland, Ireland, Israel, Malaysia, New Zealand, Norway, Portugal, Singapore, Slovakia, Sweden, Switzerland and the United Kingdom, and reached the top 10 in Austria, Belgium, Denmark, France, Germany, Italy, Lebanon, Mexico, the Netherlands and Spain.
A few weeks prior to the track's release, Republic Records contacted Imagem/Concord Music, who owns the Rodgers & Hammerstein publishing rights, and agreed to give them 90 percent of the song's songwriting royalties, in order to acquire the rights to release the song. Grande first teased the track in the music video for "Thank U, Next", in which the first few seconds of the instrumental are used in the opening sequence, and the license plate of the car she drives reads "7 RINGS". The day after the video was released, Grande confirmed the existence of "7 Rings" and revealed the moment that inspired it on Twitter.
The singer described the song as "a friendship anthem", later posting the single's artwork on Instagram along with its release date, January 18.