Before this movie Joan Crawford told people not to have affairs with their leading men until they made three movies together. She and Clark Gable had only made two together, but they started to have an affair during this movie. Afterwards Crawford said she had to eat her words, but that they tasted sweet.

"Dance, Fools, Dance" is clearly based on two infamous incidents in Chicago crime history: the 1929 St. Valentine's Day Massacre in a garage and the June 9, 1930 murder of Chicago Tribune reporter Jake Lingle, shot while heading to a train station. However, unlike the movie's Bert Scranton, Lingle was a shady character who played both sides of the law and had parlayed a $65 a week salary into a $60,000 income. In journalistic terms Lingle was known as a legman who would telephone in the salient details of the story which would be actually written by a rewrite man. This is what happens when Crawford's Bonnie phones in her story after the shootout.

This is the first of eight films that starred Joan Crawford and Clark Gable.

In real life, the St. Valentine's Day Massacre occurred on February 14, 1929 while the Stock Exchange Crash happened on October 29, 1929. In this film the Crash occurs first.