"Everything Is" was the first recording mass-released by Neutral Milk Hotel, at that point still largely an outlet for the songwriting of Jeff Mangum instead of a fully formed band. The recording was originally the second release on the fledgling Seattle label Cher Doll Records in 1993, in the form of a 7", with "Everything Is" as the A side, and "Snow Song Pt. 1" as the B side. The first 50 7"s pressed also featured different artwork, with each sleeve being personally xeroxed by Mangum.

The British label Fire Records re-released the record in 1995, on CD and 7", with the 7" retaining the same A and B sides, and the CD version featuring an extra track, "Aunt Eggma Blowtorch", a five-minute sound collage by Mangum. Both the CD and 7" featured different artwork. The Fire version is also out of print, though not as collectible as the Cher Doll version.

In 2001, the recently founded Orange Twin Records (owned by members of Elephant 6 band Elf Power) re-released the single, this time on CD only, adding the extra track "Tuesday Moon". The artwork remained the same as was previously seen on the Fire release. This version is currently in print.

The songs featured on the EP are distinctly representative of the early, 'embryonic' Neutral Milk Hotel, and indeed, all but "Snow Song Pt. 1" feature in identical versions on earlier tapes which are in circulation. "Everything Is" appears on the second unnamed demo, which is assumed to have been produced in 1993. "Aunt Eggma Blowtorch" also features on this demo, and a slightly longer version appears on 1992's Beauty as "Hypnotic Sounds", allegedly one of the first Neutral Milk Hotel recordings. "Tuesday Moon" can also be found on Invent Yourself a Shortcake, listed as "Love You on a Tuesday", although the version that appears on the Orange Twin re-release is culled from 1993's Hype City Soundtrack.

The UK release of On Avery Island (on Fire Records) featured the original two tracks from the "Everything Is" single as bonus tracks, though without the band's permission.

In December 2011, the EP was re-released as part of the "Walking Wall of Words" box set self-released by Neutral Milk Hotel records. This 10" version of the album featured three new songs and new artwork.

The EP was made available for sale as a digital download – in the expanded 7 track edition – from the band's official website in 2019. The 10" EP was added to streaming services in February 2023, after the announcement of a vinyl box set of the Neutral Milk Hotel back catalogue on Merge Records.