Along with "I Want You" and "You'll See," this was one of three new songs released on Madonna's second greatest hits compilation. This album includes her softer, more romantic songs. In this one, the singer wants her man to give their failed love another try.
Madonna wrote and produced this acoustic pop ballad with the Canadian musician David Foster. She started working on it while she was in vocal training for her role as Eva Peron in Evita. Madonna told Billboard: "If you listen to those songs ["One More Chance" and "You'll See"], you can hear how I was trying to absorb and utilize what I was learning for the recording of Evita."
Madonna flipped the perspective on her experience with a lover who begged her for another chance. "Often in my songwriting I take things people say to me and turn them around and put it in the first person, so it's actually something that was said to me," she told Spin magazine in 1996, without indulging the identity of her mystery man.
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