Iggy Pop formed a new band for this album, featuring guitarist Scott Thurston and former Stooges bandmate James Williamson as producer and guitarist. The record marked a return to a rawer, punk rock sound after Iggy Pop's more pop-oriented albums of the mid-1970s.
The recording sessions took place in New York City during 1979. The song 'I'm Bored' became a notable single, and the album received positive reviews for its energy and collaboration with Williamson, though it did not achieve major commercial success.
The title 'New Values' reflects Iggy Pop's intention to renew his musical and personal approach, moving away from the excesses of previous years. The album is considered a turning point in his solo career, although it does not feature original Stooges members.