Chopin wrote the waltz in 1847 and had it published by Breitkopf & Hïrtel in Leipzig the same year, as the first of the Trois Valses, Op. 64. The second waltz is in the enharmonic parallel minor key of C-sharp minor.

The piece is given the tempo marking Molto vivace. Although it has long been known as the "Minute" (accent on second syllable) Waltz, a nickname meaning a "small" waltz, given by its publisher, Chopin did not intend for this waltz to be played in one minute: a typical performance of the work will last between one and a half and two and a half minutes. The waltz is 138 measures long with one fifteen-measure repeat included, and thus it would have to be played at almost 420 quarter notes per minute in order to play it completely within a single minute.

Playing the piece as fast as possible is still a feat some pianists attempt. Camille Bourniquel, one of Chopin's biographers, reminds the reader that Chopin got the inspiration for this waltz as he was watching a small dog chase its tail, which prompted the composer to name the piece Valse du petit chien, meaning "The Little Dog Waltz."

A vocal version of the song, with lyrics by screenwriter Lan O'Kun, has been performed by multiple artists, including Barbra Streisand on her 1966 album Color Me Barbra. O'Kun's lyrics perpetuate the notion that the tune should be performed in one minute, although Streisand's performance clocks in at just under two minutes.