Originally released in October 1988, it showcases the group's growing confidence and incorporation of dance rhythms.

The song was written by singer Ian Brown and guitarist John Squire.

"Elephant Stone" was released in two alternate versions; the original ran for nearly five minutes and featured an extended drum intro and more prominent bass playing, while the later, shorter cut ran for three minutes and included layers of wah-wah guitar.

The B-side "Full Fathom Five" (named after a Jackson Pollock painting) is essentially an alternate single mix of "Elephant Stone" played in reverse.

Love and Death... War and Peace... Morecambe and Wise..." Squire also said about "Elephant Stone", "It's about a girl... who I don't see any more..."[citation needed] The song is said to reference William George Keith Elphinstone and his disastrous retreat from Afghanistan (during which he died) in 1842; the allusion presumably being made that the suitors heartbreak at being dropped by his girlfriend equates to Elphinstone's defeat.