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The album contains unreleased tracks and remixes personally chosen by the singer. Commenting on the album's release, Minogue said, "This album is about my personal favourites – bringing you the best unreleased material, including club mixes that were number one and songs I've written with my favourite producers around the world."
The new material for the album was recorded in 2003 and 2004 for what was to be the follow-up to Neon Nights with London Records, except "Blame It On the Music" and "Viva L'Amour", which were recorded during the Neon Nights sessions. "Viva L'amour" was released as an iTunes bonus track and was given a physical release when released with Neon Nights 20 in June 2023.
The original track listing as advertised on play.com featured four additional tracks – "Weak", "Fear of Flying", "Karma Is a Bitch" and "Healing on the Dancefloor", composed by Swedish production duo Korpi & Blackcell, which disappeared from the final release for unknown reasons. The four tracks eventually leaked on SoundCloud in September 2011.
The compilation's original tracklist featured the songs "Healing on the Dancefloor" as track 6, "Fear of Flying" as track 7, "Karma Is a Bitch" as track 9 and "Weak" as track 13. Additionally, "Undeniable" was absent.
The Platinum Collection was originally planned for release in 2006 by Minogue's former label Warner Bros. Records, as part of a series of back catalogue compilations released for other artists on their roster. However, it was cancelled due to Warner Music attempting to release the album with material contained within Minogue's severance deal with London Records. It was replaced with the release of her second greatest hits album The Hits & Beyond later in 2006, plus Unleashed a year later.