The song's lyrics describe the adventures of Frosty, a snowman who comes to life after a group of children place a magical silk hat on his head.

After leading them through the village streets and running afoul of a traffic policeman, Frosty says goodbye to the children, reassuring them, "I'll be back again someday."

[7] The song has been covered as an instrumental by the Canadian Brass, with founder Charles Daellenbach taking on the persona of Frosty, and repeatedly calling "One more time!"

[13] This production included a bouncy, jazzy a cappella version of the song and a limited animation style reminiscent of UPA's Gerald McBoing-Boing.

The short had previously been telecast annually on WGN's The Bozo Show, Ray Rayner and His Friends, and Garfield Goose, along with its two other companion cartoons.

On July 1, 2020, a live-action film adaptation of Frosty the Snowman was announced to be in development at Warner Bros. and Stampede Ventures, with Jason Momoa voicing the titular snowman, Jon Berg and Greg Silverman producing alongside Geoff Johns, Roy Lee and Momoa, and David Berenbaum writing the screenplay.