Written by the group's songwriting duo of Mick Jagger and Keith Richards, the song was initially included on the band's 1966 album Aftermath.

Joe S. Harrington has noted that the Beatles' harpsichord-like sound on the song "In My Life", in 1965, opened considerations for Jones to include baroque rock instrumentals.

[12] He expressed intrigue in incorporating culturally diverse instruments into the band's music, investigating the sitar, koto, marimba, and testing electronics.

This later contributed to Jones's status as a pioneer in world music, and effectively shifted the band from blues rock to a versatile pop group.

[15] Mark Brend has indicated that the influence of Fariña's dulcimer playing can be clearly heard in Jones's recurring counter-melody to a call and response with Jagger's vocals.

[13] In addition to the striking dulcimer motif, "Lady Jane" is also highlighted by Jack Nitzsche's harpsichord accompaniment halfway through the song.

[16][17] The vocal melody is set in the subtonic range, rather than the conventional major seventh scale degree, which presents a Renaissance-style modal.