Here, Jhené Aiko teams up with Future and Miguel to sing about a woman people call a "H.O.E." because of her promiscuity. Aiko takes the female's perspective as someone who isn't afraid to embrace her sensual side and have some fun. She chooses to do whatever makes her happy over everything else.
Future's verse takes an overtly chauvinistic view of a romantic relationship as he tells Aiko how he wants her to behave. He threatens to "feed you to the wolves" if she doesn't talk to him nicely.
Miguel provides a nonjudgmental point of view on the chorus, which interpolates lines from "Hoe," a track from Aiko's 2011 debut mixtape, Sailing Soul(s). Aiko said at the time: "Being a hoe means not being whole, searching for something to fill a void. Knowing what you want and who you are is called being an adult."
Jhené Aiko, Future and Miguel co-wrote "Happiness Over Everything" with André 3000. The Outkast member is credited as a writer, as both this song and "H.O.E." paraphrase lines from "Where Are My Panties," his 2003 skit about a one-night-stand.
The track's two producers are Mac Robinson and Brian Warfield, who are collectively known as The Fisticuffs. The pair are frequent Aiko collaborators, and worked on her 2017 singles "Maniac" and "Sativa."