Tame Impala released their self-titled EP in 2008 and the single "Sundown Syndrome" in 2009. Leading up to Innerspeaker, they shared video snippets of practices for songs like "The Bold Arrow of Time" and "Island Walking." The album includes two re-recorded tracks: "Desire Be Desire Go" from the EP and "The Bold Arrow of Time," previously recorded but unreleased.

Innerspeaker is the first project Kevin Parker recorded with the intention of release, marking a shift from his earlier, purely personal recordings. While Tame Impala tours as a band, it remains Parker's solo project, where he writes and records all music. He stated that Tame Impala is a reflection of his broader creative output, with a recording side that is meticulous and a live side that adapts those recordings. Parker has a long history of solo recording, beginning at age 12, influenced by his father, who played music as a hobby.