The crossover star is releasing the music video for "Rock Bottom" on Friday, and PEOPLE has an exclusive first look at the clip.
Steinfeld, 19, first dropped the track on her November EP Haiz, then last month re-released "Rock Bottom" as a collab with Joe Jonas' funky new foursome DNCE.
A poppy, effervescent jam, "Rock Bottom" chronicles the highs and lows of young love that keep a couple "coming back for more."
The actress-turned-pop star previously told PEOPLE it epitomizes her "in every damn relationship," adding: "I've experienced that relationship in its entirety. I do feel like there are some songs that really represent a relationship for a relationship, and then when you hear it, you think about that specific relationship, and I have that when I hear 'Rock Bottom.'"
Steinfeld stars in the video alongside Jonas and his DNCE bandmates (bassists Cole Whittle, guitarist JinJoo Lee and drummer Jack Lawless) and says teaming up took the song next-level.
"Joe and I were working with the same team of writers and producers around the same time as we were working on our EPs, and we would see each other when one of us was leaving. I guess he heard 'Rock Bottom' in passing and cut a verse on it, and it turned out to be the best thing that happened to the song," says the Oscar nominee. "It felt like it there was a real story told between two people, and that's exactly what I saw when I would hear this song."
And, rounding out the cast as Steinfeld's on-again-off-again flame? None other than John Economou, the reportedly formerly homeless model who was discovered on the beach by Gigi Hadid, Kendall Jenner and Ansel Elgort.
And while Steinfeld, Hadid and Jenner all run in the same squad as Taylor Swift, Economou's cameo came about through another friend: her former longtime agent, who now manages Economou.
"I called her and said, 'I'm doing this video. I'm looking for a guy.' I met with a couple of guys, and I met John, and he was so great," says Steinfeld. "He had such a cool story and he had so much to talk about, and he's a very handsome boy, so we knew pretty quickly he was The One."
As for one of her favorite moments of the clip? "A slow-motion kiss in the rain? I mean, c'mon!"
While fans enjoy "Rock Bottom" as it ascends the charts, Steinfeld is working on her debut LP, due later this year.
"Every session I have, I'm able to experiment with something new, and I've been working with some of the most incredible writers and producers, and it's honestly one of my favorite things to do ever: be in the studio and write and record," she says.
"My sound is really, in such a short amount of time, changing and evolving. I can't wait for people to hear what I'm working on."