Dabei wurde er von dem Bassisten Bill Lee begleitet. Der Song wurde am 22. März 1965 als Single veröffentlicht.
Es wurde spekuliert, ob Dylan mit dem Song seine Trauer über die vergebliche Liebe zu Joan Baez besingt oder ob er den Anhängern der Folkmusik erläutert, wieso er sich aus dem Folklager entfernt.
You must leave now, take what you need, you think will last. But whatever you wish to keep, you better grab it fast. Yonder stands your orphan with his gun. Crying like a fire in the sun. Look out the saints are comin' through. And it's all over now, Baby Blue.
The highway is for gamblers, better use your sense. Take what you have gathered from coincidence. The empty handed painter from your streets. Is drawing crazy patterns on your sheets. This sky, too, is folding under you. And it's all over now, Baby Blue.
All your seasick sailors, they are rowing home. Your empty handed armies, are all going home. Your lover who just walked out the door. Has taken all his blankets from the floor. The carpet, too, is moving under you. And it's all over now, Baby Blue.
Leave your stepping stones behind, something calls for you. Forget the dead you've left, they will not follow you. The vagabond who's rapping at your door. Is standing in the clothes that you once wore. Strike another match, go start a new. And it's all over now, Baby Blue.