The song is derived from Homer's Odyssey, interpreted through the 17th century English folk ballad tradition, and tells the story of a prospective suitor who asks a woman if she will marry him.
The man persists, asking her whether Riley is worth waiting for and suggesting that he may have drowned, been killed in war, or married another woman.
In the last stanza, the suitor reveals that he is in fact John Riley, returned from the seas, and has been testing his beloved.
If he's in some battle slain I will die, when the moon doth wane And if he's drowned in the deep salt sea I'll be true to his memory
He picked her up all in his arms And kisses gave her one two and three Saying weep no more my own true love I am your long lost John Riley.