The lyrics of "The Last Carnival" mourn the loss of a loved one, Billy, who was once a part of the carnival life. The protagonist reminisces about their past daring feats together and expresses sorrow over the absence of Billy.

Meaning of "The Last Carnival" by Bruce Springsteen

"The Last Carnival" by Bruce Springsteen delves into themes of loss, nostalgia, and the transient nature of life. The carnival setting serves as a metaphor for the fleeting moments and connections we have with others, as well as the inevitability of time passing and loved ones moving on. By recalling the shared experiences and adventures with Billy, the protagonist is confronted with the reality of mortality and the ways in which people we care about can disappear from our lives. The imagery of the carnival tents being taken down and the fairgrounds being empty symbolize the emptiness and absence felt after a loved one's departure. The train that carries on without Billy represents the continuation of life despite the pain of loss, with the stars in the sky symbolizing the interconnectedness of all beings, past and present. Ultimately, the song captures the bittersweet nostalgia of remembering a lost loved one while embracing the beauty and inevitability of change.