Vagabond is the fourth collaboration between screenwriters Jang Young-chul and Jung Kyung-soon and director Yoo In-shik, following Giant (2010), History of a Salaryman (2012), and Incarnation of Money (2013).

Lee Seung-gi and Bae Suzy had previously starred together in the 2013 drama Gu Family Book, and Vagabond marked their reunion six years later.

The series was fully pre-produced, with filming beginning in June 2018 and the first script reading held on June 2, 2018, taking about 11 months to complete before broadcast.

Overseas scenes were shot in Tangier and Medina in Morocco, as well as in the desert and in Portugal.

The series was originally scheduled to air in late 2018, but was pushed back to May 2019 and then delayed again due to filming schedule issues and a pending licensing deal with Netflix, finally airing in September 2019.

The production budget was reported at 25 billion won (approximately 250 hundred-million won), an ambitious investment aimed at the global market rather than the typical domestic romantic drama trend.

A scene broadcast on September 27, 2019, depicting a lobbyist bribing defense officials with entertainers removing their hanbok tops sparked controversy over its explicit content.

At the 2019 SBS Drama Awards, Vagabond won Best Actor and Best Actress in a Miniseries for Lee Seung-gi and Bae Suzy, Best Supporting Actress for Moon Jung-hee, Best Couple for Lee Seung-gi and Bae Suzy, and the Hallyu Content Award.

During its run, the drama was preempted on November 1, 8, 15, and 16, 2019, due to broadcasts of the 2019 WBSC Premier12 baseball tournament.