Kubrick met producer James B. Harris while playing chess in Washington Square, and the two formed Harris-Kubrick Pictures Corporation in 1955.

Harris purchased the film rights to Lionel White's novel Clean Break for $10,000, outbidding United Artists, which had wanted it as a vehicle for Frank Sinatra.

At Kubrick's suggestion, hardboiled novelist Jim Thompson was hired to write the script; although Thompson did most of the scriptwriting, Kubrick received sole screenplay credit while Thompson was credited only for 'dialogue'.

United Artists agreed to help finance the film only if a high-profile actor was cast; Sterling Hayden signed for $40,000, but UA still provided just $200,000, forcing Harris to cover the rest with $80,000 of his own money and a $50,000 loan from his father.

Kubrick went unpaid during the shooting of the film, surviving on loans from producer Harris.

The working titles of the film were Clean Break and Bed of Fear.

Kubrick cast several actors from film noirs he admired, including Timothy Carey, Ted de Corsia, Elisha Cook Jr. and Marie Windsor; three cast members (Hayden, de Corsia and Carey) had previously appeared together in the 1955 noir Crime Wave.

Kubrick cast his old chess friend and former professional wrestler Kola Kwariani to play an aging, chess-playing grappler in the film.

The Hollywood cinematographers' union barred Kubrick from serving as both director and cinematographer, so veteran cinematographer Lucien Ballard was hired, and the two frequently clashed over camera placement and technical details.

The film's art director, Ruth Sobotka, was Kubrick's wife at the time of production.

Despite strong critical acclaim, The Killing performed poorly at the box office without a proper wide release and recorded a financial loss of $130,000, contradicting Time magazine's prediction that it would 'make a killing at the cash booths.'

Impressed by the film, MGM's Dore Schary offered Harris and Kubrick $75,000 to write, direct and produce another picture, which became Paths of Glory.

Quentin Tarantino cited The Killing as an influence on Reservoir Dogs, calling it 'my Killing, my take on that kind of heist movie.'