Thelonious Monk signed with Columbia Records in 1962, and "Monk's Dream" was his first album for the label. The recording sessions took place at Columbia's 30th Street Studio in New York City, with his regular quartet: Charlie Rouse on tenor saxophone, John Ore on bass, and Frankie Dunlop on drums.
The album includes four original compositions by Monk and three standards. The title track, "Monk's Dream", was originally composed in 1952 but had not been recorded in the studio until then. The album reached number 5 on the Billboard jazz albums chart.
"Monk's Dream" was a commercial and critical success, helping to solidify Monk's reputation as one of jazz's great innovators. The album cover, featuring a photograph of Monk in his characteristic hat, has become an iconic image.