Live Phish Vol. 1 was recorded live at the Broome County Veterans Memorial Arena in Binghamton, New York on December 14, 1995. The show occurred towards the end of the band's 1995 fall tour, which featured a tour-long chess game between Phish and its audience. The second disc begins with a fan making a chess move onstage on behalf of the audience.

The show contains a rare (for 1995) extended jam out of "Halley's Comet", as well as the final appearance of "Keyboard Army"—a collaborative piece that debuted earlier the same year and features all four band members on keyboards—until 2015.

The release reached a peak position of #97 on the Billboard 200 album chart. The album marked the first time that longtime Phish concert staples "Suzy Greenberg", "Makisupa Policeman", "Tela", "The Curtain" and "Halley's Comet" had appeared on an official Phish release. The version of "Taste" that appears on the release is referred to by fans as "Taste That Surrounds", and is an alternate version of the song with different lyrics that was only performed on the fall 1995 tour.

Disc one

Disc two

Note: The version of "Taste" here is a variation entitled "Taste That Surrounds", which has different lyrics and structure.

Thursday, 12/14/1995 Broome County Arena, Binghamton, NY

SET 1: Suzy Greenberg > Llama, Horn > Foam, Makisupa Policeman > Split Open and Melt, Tela, Taste That Surrounds, My Sweet One, Frankenstein