What you may not know was that the song is a cover of an Arrows song. Who are Arrows? (I'm glad that you asked). The Arrows were a British pop rock band active from 1974-77, who had a TV show on Granada Television in the UK (this becomes important in a moment). The song was written in response to the Rolling Stones "It's Only Rock and Roll;" the Arrows felt that the Stones' song was an apology, and this was their response.
The Arrows version was originally released as a B side, then re-recorded and released as an A side in 1975. However, it did not chart -- but it did show up on the Arrows' TV show. (Remember how I stated that this was important ...) Well, Joan Jett saw the song on the TV show while she was touring with the Runaways in 1976, and liked it ... a lot. She apparently tried to convince the Runaways to record a cover, but her bandmates did not feel the same, so they passed.
Jett eventually recorded a version in 1979, as part of three songs that she recorded with Paul Cook and Steve Jones (of the Sex Pistols) as she tried to start a solo career, but the songs were not released (until years later). Finally, Jett recorded the song on her second album, which she also titled I Love Rock 'n' Roll ... and the rest, as they say, is history.
Here are the two videos, starting with the original Joan Jett & the Blackhearts vid from 1981 (I love how it starts with Jett's "Bad Reputation" from the her previous album of the same name):
And here is the Arrows version, from TV -- which is, I believe, the version that Joan Jett saw in 1976 (and loved):
Lastly, we recently found a color version of the video, which is below.