The lyrics of "My Way" tell the story of a man who is nearing death, and introspectively looks back at his life whilst fictionally speaking to a friend who is sitting next to him.

The man's personality as described in the song involves a strong-willed, confident and determined man who is not reliant on others to progress further through life. He is happy with how his life has turned out, and what he has achieved; he acknowledges that he too has regrets and has suffered sadness. However, he remains upbeat and amused that he has made it this far:

And now, as tears subside, I find it all so amusing...
To think, I did all that, and may I say, not in a shy way
Oh no, oh no not me, I did it my way