The pop hitmakers, who debuted the song on Friday, October 26, were inspired to revamp the 1974 track because of their admiration for how Queen created the tune.
"Their unique harmonies, the fluidity to their songwriting and how they each used their own musicality to back each other up have always inspired us," reads a statement from 5 Seconds of Summer.
"For us, the exploration of individual vocalists in a band is incredibly important and Queen helped us to see the future of how we want to sing, in addition to how we play our instruments."
5 Seconds of Summer are donating proceeds from the song to the Mercury Phoenix Trust, an organisation which was created in honour of late Queen singer Freddie Mercury and is working to fight HIV and AIDS, the disease which led to his death in 1991.
The cover's release comes a week before the long-gestating Queen biopic Bohemian Rhapsody is set to hit theatres.
Actor Rami Malek portrays Mercury in the new film, and he has previously spoken about his excitement over being able to pay tribute to the band and its flamboyant frontman.
"All I ever wanted to do was honour Freddie and present some aspects of who he was," Malek told Empire. "I know I'm never going to be Freddie Mercury... but, in trying to get as close as you can to emulating someone, in doing the work, I felt I had a decent handle on who he was. It's healthy to have your own opinions."
"That's why I'm so drawn to this: it is the collaboration of so many different artists coalescing to create something that is beyond just one of them..."