The lyrics were reportedly written by Lecuona while away from Cuba and is about the homesickness he is experiencing (Siboney is also a town in Cuba, and can also refer to Cuba in general).

Siboney became a hit in 1931 when performed by the Dominican baritone Eduardo Brito. Other artists followed suit, including Caterina Valente, Olga Guillot, Xiomara Alfaro, Dizzy Gillespie, Nana Mouskouri and Percy Faith. The song was used by Nino Rota in the score for Fellini's nostalgic memoir of the 1930s, Amarcord. It was recorded by Connie Francis in 1960, and later included in the film 2046.