Written with audience participation in mind, Mercury said "We" in the song's title refers to everyone who is singing it.[9] Brian May called the song "unifying and positive".[10] "We Are the Champions" has become an anthem for victories at sporting events,[11] including its use during the 1994 FIFA World Cup, and has been often used or referenced in popular culture. The song has also been covered by many artists.

On 7 October 2017, Queen released a Raw Sessions version of the track to celebrate the 40th anniversary of the release of News of the World. It was made from previously unheard vocal and instrumental takes from the original multi-track tapes. It also presents for the first time the original recorded length of the track, which is two choruses more than the 1977 edited single.[12]