Madonna wrote this song with Patrick Leonard, a musician who tends to stay out of the spotlight, but has done production and session work for many notable artists, including Rod Stewart and Elton John. His collaborations with Madonna are among her most successful: "Like A Prayer," "Who's That Girl," "Live To Tell." Madonna's lyrics on "Cherish" are about her then-husband, actor Sean Penn. By the time the song was released, they were in the middle of their divorce.

The video, shot at Paradise Cove Beach in Malibu, California, was directed by Herb Ritts, who took the cover photo of Madonna's True Blue album. It was the first video Ritts directed, and it introduced a style he became known for: black and white on the beach, although the "Cherish" video has mermen. Ritts went on to direct the videos for "Wicked Game" and "Love Will Never Do (Without You)."

Madonna admitted to Rolling Stone : "I've never been a good judge of what things are going to be huge or not. The songs that I think are the most retarded songs I've written, like 'Cherish,' end up being the biggest hits."