The album was similar in format to a previous all-star jazz studio session produced by Granz, The Jazz Giants '56. The earlier album featured a cast of seven 1930s swing veterans, including four from the Count Basie orchestras of the late 1930s and early 1940s. Jazz Giants '58 features a slightly younger and more stylistically diverse cast of seven players, including two West Coast Jazz saxophone stars, another alumna of the 1930s Basie band, the Oscar Peterson Trio, and a big band drummer. All of the Jazz Giants '58 musicians were recording mainstream swing music in the 1940s, but almost all had also gone on to play (at least occasionally) the modern jazz that developed after the World War II.
The session was reissued in 1966 as Gerry's Time replacing "Chocolate Sundae" by a track from 1959. Jazz Giants '58 was remastered and released on CD in 2008 as part of Verve Originals series.
Years given are for the recording(s), not first release. Note: All-Star albums feature sideman who are not necessarily listed while titles which include "Oscar Peterson" or the OP Trio are usually shortened.