The album is an autobiographical account of the early musical careers of Elton John (Captain Fantastic) and his long-term lyricist Bernie Taupin (the Brown Dirt Cowboy).

Murray and Olsson, who had formed John's rhythm section since 1970, were fired prior to the recording of the follow-up album Rock of the Westies.

[6] Written, according to lyricist Bernie Taupin, in chronological order, Captain Fantastic is a concept album that gives an autobiographical glimpse at the struggles John (Captain Fantastic) and Taupin (the Brown Dirt Cowboy) had in the early years of their musical careers in London (from 1967 to 1969), leading up to John's eventual breakthrough in 1970.

The lyrics and accompanying photo booklet are infused with a specific sense of place and time that would otherwise be rare in John's music.

The "Someone" refers to Long John Baldry, who convinced him to break off the engagement rather than ruin his music career for an unhappy marriage.

Captain Fantastic was written from start to finish in running order, as a kind of story about coming to terms with failure—or trying desperately not to be one.

The intricate cover art was designed by pop artist Alan Aldridge, drawing fantastic imagery from the Renaissance painting The Garden of Earthly Delights by Hieronymus Bosch.

[6] A deluxe 30th anniversary edition CD was released September 2005, containing the complete album and adding "House of Cards", the B-side to the 7" single of "Someone Saved My Life Tonight."

In September 2005, Elton John and his band again performed the entire album (minus "Tower of Babel" and "Writing") in a series of sold-out concerts in Boston, New York City and the tour's final stop, Atlanta, in October.

Note: On the original DJM Records CD version, "We All Fall in Love Sometimes" and "Curtains" are both combined into one track, making it a nine-track album.