With the song utilizing an inside light pop rhythm with a mix of some synth sounds, “Midnight Rain” finds Taylor singing about ending a relationship to focus on her singing career more. It then ends off, with their relationship being forgotten, as if it never happened.

The song also reflects on a relationship where the two were opposites of each other, in which this case is “Sunshine” and “Midnight rain”. Each wants something different out of the relationship and has different expectations.