"I made a noose and went out to the garden shed and put it -- tied it around a rafter and stood on this [chair] ... and kicked it away," he said.
When the rope snapped and he fell to the ground unharmed, he awoke with an appreciation for life and passion for music.
"It changed my life," he said. "I felt like I had a purpose. I felt like I was here for a reason." In light of a rash of teen suicides, Springfield urges kids who are going through dark times to stick it out.
"I really would love to say to the kids on the edge, I know what it's like. You just want out. You want the pain to stop. Give yourself a year," he said on "Good Morning America." "Your life will change. Nothing remains the same. I would have missed out on a lot of amazing stuff in my life."
After his failed suicide attempt, Springfield, an Australian by birth, headed to the U.S. By 1980 he was nearly broke when he landed a record deal and was cast as Dr. Noah Drake on "General Hospital" -- a role that put him in the spotlight but paid only $500 a week.
Springfield went on to sell more than 20 million albums. "Jessie's Girl" is just one of his 17 Top 40 hits.
"I wrote a song that was a breakthrough song," he said. "I am very proud of that song."
"Jessie's Girl" was voted the No. 1 karaoke song of all time by Rolling Stone magazine.