"Greatest Hits" is Neil Young's third compilation album, following Decade and Lucky Thirteen. The album features eleven of the twelve tracks from Decade and spans his solo career from 1969 to 1992. According to the rear cover, the track selection was based on original record sales, airplay, and download history.
All of the tracks on Greatest Hits were mastered using the HDCD process, a method that Young had been using for his studio work since 1995. The album was also released in a high-resolution DVD Video format with 24-bit 96 kHz audio, alongside a two-disc version that included the audio CD and a bonus DVD featuring videos for "Rockin' in the Free World" and "Harvest Moon." Extensive notes on the remastering process were made available on Young's website.
In a press release, Young emphasized the importance of providing high-quality sound to listeners. He mentioned that while the quality of music has declined in recent years, DVD-stereo has brought a significant improvement. He explained that the experience of listening to DVD-stereo is far superior to regular CDs or even 5.1 sound, likening it to the difference between a true reflection of the music and a mere replica. He also noted that he has always been a strong believer in analog sound and described the DVD-stereo format as the closest possible experience to the rewarding sound of vinyl.