In 2009, European pop group Village Boys made a version of the song.
Lyrically, the song was said to be about Minogue's leaving of her TV series Neighbours and her relationship with her then-boyfriend, INXS frontman and singer Michael Hutchence.
The song peaked at number two in the United Kingdom and four in Minogue's native Australia.
The accompanying music video for "Better the Devil You Know" was directed by Paul Goldman and was filmed in Melbourne, Australia.
The song has appeared in commercials, including Coca-Cola and the film If Looks Could Kill.