'I Believe' was number one on the US single sales chart for eleven consecutive weeks and ten weeks in Canada, giving it the longest stay at number one on the chart by any Idol contestant. It has sold 527,000 copies in the United States, making it one of the most successful singles of 2004. In its debut week the single shattered the first week sales record for any single in 2004 in the US, and was certified double platinum by the CRIA in Canada, selling more than 80,000 units.

When the song was released it debuted on the Billboard Hot 100 at number one for one week and dropped out of the US Top 40 after four weeks. 'I Believe' is noted for its inspirational lyrics. 'I Believe' is also the winner of three Billboard Awards. This made Fantasia the first artist in the history of the Billboard Hot 100 to debut at number one with a first record. It performed well on the radio and sales charts of the United States and Canada debuting at number one in both nations. The song was an instant success for Fantasia when it was released on June 15, 2004. DeGarmo's performance was also well received by the judges.

An ecstatic and tearful Fantasia performed her new single 'I Believe' minutes after the announcement. The judges unanimously acclaimed Fantasia the winner of season 3, a prediction that came true when she was crowned American Idol the following evening. Diana DeGarmo, the runner up of American Idol Season 3, sang the song first, also on the finale, for her first performance of the night. Fantasia sang 'I Believe' on the third-season finale of American Idol as her last performance within the competition.

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