To mark the song's milestone, a remix has been created which blends the voices of artists who have featured on previous editions including Harry Styles, George Michael and Bono.
Ed Sheeran said last week that they did not ask for permission to re-use his vocals from when he sang on Band Aid 30 in 2014, and that he would have "respectfully" declined the request.
The singer-songwriter said in a social media post that "a decade on and my understanding of the narrative associated with this has changed", citing a post by British-Ghanaian rapper Fuse ODG that criticised foreign aid in Africa.
Responding to the comments in an interview with The Sunday Times, Geldof said: "This little pop song has kept millions of people alive.
"Why would Band Aid scrap feeding thousands of children dependent on us for a meal?"
He added: "Why not keep doing that? Because of an abstract wealthy-world argument, regardless of its legitimacy?
"No abstract theory regardless of how sincerely held should impede or distract from that hideous, concrete real-world reality.
"There are 600 million hungry people in the world - 300 million are in Africa. We wish it were other, but it is not.
"We can help some of them. That's what we will continue to do."
Fuse ODG said in an Instagram Story post that he had turned down the chance to take part in Band Aid 30 alongside Sheeran a decade prior.
"I refused to participate in Band Aid because I recognised the harm initiatives like it inflict on Africa," he wrote.
"While they may generate sympathy and donations, they perpetuate damaging stereotypes that stifle Africa's economic growth, tourism, and investment, ultimately costing the continent trillions and destroying its dignity, pride and identity."
He added: "By showcasing dehumanising imagery, these initiatives fuel pity rather than partnership, discouraging meaningful engagement.
"My mission has been to reclaim the narrative, empowering Africans to tell their own stories, redefine their identity, and position Africa as a thriving hub for investment and tourism."
Band Aid's latest track blends voices from Band Aid (1984), Band Aid 20 (2004) and Band Aid 30 (2014), and has been produced by Trevor Horn, who has worked with the likes of Grace Jones and Sir Rod Stewart.
The compilation is backed by the Band Aid house band of Sir Paul McCartney, Sting, John Taylor (bass), Phil Collins, Roger Taylor, Danny Goffey (drums), Thom Yorke (piano), Paul Weller, Damon Albarn, Midge Ure, Johnny Greenwood, Gary Kemp and Justin Hawkins (guitar).
The original Band Aid single saw artists join forces in 1984, led by Boomtown Rats frontman Geldof and Ultravox's Midge Ure to help charities working with starving children in Ethiopia.
Do They Know It's Christmas? went straight to number one that year and became the fastest-selling single of all time in the UK, selling a million copies in the first week alone.
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