Air Supply wrote many of their own songs, but "Making Love Out Of Nothing At All" was written by Jim Steinman, who wrote all of Meat Loaf's hits. According to an October 26, 2006 article in the Australian newspaper The Herald Sun, Steinman offered the song to Meat Loaf along with "Total Eclipse Of The Heart," but they were not able to reach an agreement over finances and this song went to Air Supply while "Total Eclipse Of The Heart" was recorded by Bonnie Tyler. The article quotes Meat Loaf as saying, "My record company was anti-Jim Steinman at the time, I was anti-record company. So we were even."

Like many of Jim Steinman's songs, "Making Love Out Of Nothing At All" is a grand production with intricate lyrics about love. The lead vocal is by Russell Hitchcock, who along with Graham Russell, forms the duo Air Supply. In the song, Hitchcock lists everything he's capable of, and one thing he can't do: make love out of nothing at all. He needs some help with that one and is hoping the person he's singing to will supply it. Even though they didn't write it, the song has a dramatic flair that's typical of Air Supply, heard on hits like "All Out Of Love" and "The One That You Love." And yeah, a lot of their hits have "love" in the title. "I'd like to think I'm somewhat of a romantic, because otherwise my music wouldn't be real," Graham Russell told Songfacts. "But my whole background, even when I was growing up, was very much that way as well. For instance, I come from a place in England where all those great poets came from - Wordsworth and Keats and all those guys - so I was surrounded by it, and I loved poetry as a child."

Bonnie Tyler recorded her version of "Making Love Out Of Nothing At All" on her 1995 album Free Spirit.