The meaning of "Lullaby" has been speculated by fans, including as a metonymy for addiction, depression, or sexual assault,[2] and lead singer Robert Smith has offered multiple explanations as to its theme or content, such as childhood nightmares or abuse.

[3] Tim Pope, a long-time collaborator of the Cure on many of its music videos, interprets "Lullaby" as an allegory for Smith's drug-addled past.

The backing is a strong, infectious rhythm with subtle plucked violins and sweeping strings, completed by Robert Smith's whispering voice.

"[6] Jerry Smith from Music Week felt the Cure "are back in superb form with an enveloping marshmallow of a track, exuding atmosphere with soaring strings and breathy vocals.

[8] In a 2019 retrospective review, Rayna Khaitan from Albumism wrote, "The thrillingly creepy "Lullaby" recalls a familiar sense of claustrophobia prevalent in the Cure's canon, only this time more than others, Smith seems a little intoxicated with the idea of surrender.

[10] Another editor, Ned Raggett, stated that "Smith's detailing of the spiderman coming along to envelope [sic] and devour is classically Cure, while the tight, haunted-house vibe of the song is another winner.

[12] It features Robert in bed, in a dream sequence, and the rest of the band playing tin soldiers who sporadically appear throughout the music video for a few seconds.

"Lullaby" was played live during Page & Plant's 1995 No Quarter Tour; the duo's backing band included Porl Thompson on guitar.