Composed in the key of C♭ major, the basic concept of "Lifestyles of the Rich and Famous" is the global obsession with fame and the way that celebrities are not appreciative of how fortunate they are.

Johnnie Cochran, a famous attorney who represented (amongst others) stars such as O. J. Simpson, who was acquitted of murdering his ex-wife Nicole Brown, is mentioned in the lines "Well did you know if you were famous you could kill your wife / and there's no such thing as 25 to life / as long as you got the cash to pay for Cochran?"

A former mayor of Washington, D.C., Marion Barry – who was convicted on drug charges – is also mentioned in the lyrics: "and did you know if you were caught and you were smokin' crack / McDonald's wouldn't even wanna take you back / you could always just run for mayor of D.C." The Village Voice writer Anthony Miccio says that the song "cops Burundi drums from 'Lust for Life,' Marion Barry jokes from Chris Rock, and dub-echo effects from Def Leppard's Hysteria.

It features cameo appearances from Tenacious D's Kyle Gass, former 'N Sync singer Chris Kirkpatrick, and Minutemen bassist Mike Watt.

The Southern California rock band Lefty, who had been touring with Good Charlotte also make a cameo appearance.