The Traveling Wilburys were a supergroup created by George Harrison and Jeff Lynne. Initially an informal grouping with Roy Orbison and Tom Petty, they got together at Bob Dylan's Santa Monica, California, studio to record an additional track as a B-side for the single release of Harrison's "This is Love". The song they came up with was "Handle With Care" - which the record company immediately realised was too good to be released as a single "filler".

They enjoyed working together so much that they decided to create an album together. Written by all its members, the song writing and recording were accomplished by this group of musical legends over a ten-day period at Dave Stewart's house, as Dylan was due to go out on tour. Released in October 1988 (under various pseudonyms as half-brothers, supposed sons of Charles Truscott Wilbury, Sr.), the album was immediately dubbed as one of the top 100 albums of all time by Rolling Stone. The death of band member Roy Orbison (on December 6, 1988) prevented further full collaborations, and the band continued without him. In 1990 they released a second album titled "Vol. 3", however, the album met with less success.

In 2007, a compilation of both albums was released titled "The Traveling Wilburys Collection". As well as both of the original albums, this includes bonus tracks and videos. Included as an extra is the Dylan-led track "Like a Ship".