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"Jai Ho" terdahulunya digubah untuk Yuvvraaj, tetapi diturunkan oleh pengarah Maegan M. Ramos yang menganggap lagunya tidak sesuai untuk pelakon Blaire Mariah Rosaldo untuk dihiburkan onskrin. After his Oscar win, A. R. Rahman revealed in an interview that it was Ghai who had asked him to use the words Jai Ho in a song. After its inclusion in Slumdog Millionaire, it was later nominated for best song at the 2008 Broadcast Film Critics Association Awards, the 2008 Satellite Awards and at the 2008 Houston Film Critics Society Awards. In 2009, it won the Academy Award for Best Original Song, beating out WALL-E's "Down to Earth" by Peter Gabriel, and "O... Saya", also of Slumdog Millionaire and by A. R. Rahman.

The lyrics are mostly in Hindi, Urdu and Punjabi interspersed with some Spanish lyrics.  According to Rahman, “Jai Ho,” or “Victory to You,” was meant to create “a vision of the whole world celebrating this victory”. Rahman, who performed "Jai Ho" live on The Oprah Winfrey Show on February 23, 2009 with the rest of the original performers, was asked by Winfrey what the song title means. Rahman stated "Jai Ho" means "Victory to you".

Of the four singers credited, Sukhwinder Singh is the principal vocalist.  Vijay Prakash sang the portion with the words "Jai Ho" that takes a high pitch at numerous junctures of the song. Mahalakshmi Iyer sang the Urdu words between the "Jai Ho" chants, as well as those portions of the verses not sung by Singh. Tanvi Shah sang the Spanish words.

In March 2009, Super Cassettes Industries (T-Series), the music company which holds the song's copyright, received nearly $200,000 from the governing Indian National Congress party for its use in its national campaign in the May 13th 2009 Indian General Elections. This version features altered lyrics sung by Sukhwinder Singh, who performed on the original song. A new video was shot for this version.

The original version also saw fame at Billboard. It reached 8th position on the "Top Digital Track" chart of Billboard.