Pink Balloons was recorded and produced by Jeremy Snyder, of Brooklyn-based band Pure Adult.

[2] The group had released their most recent album at the same time writing for Pink Balloons had begun; in an interview for Stereogum, singer Jael Holzman drew a positive comparison between Snyder's chaotic production style and what she saw as the ongoing state of the world.

[3] Lyrically, Pink Balloons focuses on themes such as feeling unsafe as a woman in public, facing discrimination and transmisogyny, and the historical treatment of disadvantaged communities, including Native Americans in the United States.

[4] The title of the record was intended to be a reaction against the mainstream commodification of feminism.

Pink Balloons features wordplay based around Bon Iver, Frank Ocean, and Creedence Clearwater Revival among others; the title of "Somewhere at the Bottom of the River Between L'Enfant and Eastern Market" references La Dispute's album Somewhere at the Bottom of the River Between Vega and Altair,[2][3] while "Sticks and Stones" references Dave Chappelle's controversial stand-up special of the same name.