Lauper has stated that the song resonated with her following the death of her close friend, Gregory Natal, from HIV/AIDS in 1985. Its message of self-acceptance and seeing someone's "true colors" led to its adoption by the LGBTQ+ community as an anthem of pride and resilience.

In 2008, Lauper co-founded (formerly the True Colors Fund), a nonprofit dedicated to ending homelessness among LGBTQ+ youth.

Lauper performed the song at the 2022 signing of the Respect for Marriage Act.

Spent 20 weeks on the Billboard Hot 100, including one week at No. 1.

Billboard ranked it #9 on their list of the "100 Greatest LGBTQ+ Anthems of All Time" in 2025.