Last December is the 14th and final credited track on Prince's 24th album The Rainbow Children, his first album after reverting to the name Prince; an uncredited reprise of the track is included as the 21st and final track on the album, following six uncredited silent tracks. In late 2001, Last December was available as a promotional single in Japan only, with no commercial release.
Specific recording dates are unknown, but it is likely that basic tracking took place in late 2000 or early 2001 at Paisley Park Studios in Chanhassen, Minnesota.
One of the four albums mentioned in the One Nite Alone... Tour program as being available soon from the NPG Music Club was titled Last December. As the track had already been released on The Rainbow Children and Prince had not performed the track live at that point, the content of this album was unknown.