Named after actress Margaret Qualley, the then-fiancée of Del Rey's frequent collaborator Jack Antonoff, the song reflects on their relationship.
[10] She later performed the song with Antonoff at the All Things Go Music Festival during her headlining set in October 2023, with Qualley in the crowd.
[15] Billboard ranked the song number 9 from the album's 16 tracks, noting that Antonoff's deep and "wobbly" voice provided a pleasant contrast to Del Rey's.
[9] The lyric "I mean, join the party/By the way, the party is December 18" led to speculation that Del Rey had leaked the pair's wedding date.
Qualley denied it, stating that Del Rey was "kind enough" to not put her real wedding date in the song.