The album, which contained live songs and demos, had originally been planned as a Japan-only compilation to coincide with a Lennon tribute concert. However, Capitol contacted Yoko Ono and asked if it might be granted a worldwide release, and she agreed. The Japanese edition had been issued on 29 September 2004.
Acoustic was issued with a 16-page booklet, containing lyrics and guitar chord symbols, transcribed spoken asides, and several rare photographs of Lennon. The compact disc was also adorned with one of his drawings.
The album failed to chart in the United Kingdom, but reached number 28 in the United States. That made it Lennon's best-charting posthumous US release since the soundtrack to the Imagine: John Lennon film.