The song was written by Del Rey and produced and co-written by long-time collaborator Dan Heath for The Age of Adaline.
"Life is Beautiful" is a cinematic ballad in the key of C♯ major with a slow tempo of approximately 63 beats per minute. The track features lush strings and layered vocal harmonies in the chorus.
On April 21, 2015, a snippet of the track was released in a new trailer for the film. On September 14, another snippet was released in a promotional ad on Instagram, including the end of the song's chorus and the beginning of its bridge. It was rumored to be included on Del Rey's 3rd full-length LP Honeymoon, since it wasn't featured on the soundtrack for The Age of Adaline, but the track has yet to be released. On June 2, 2016 a fan asked Del Rey about the song and she responded by saying "It was just for the movie".