An orchestral version of "The Lakes", which is the original demo, was released as a promotional single by Republic Records on July 24, 2021, to commemorate the first anniversary of Folklore.

Upon release, "The Lakes" received universal acclaim from music critics, with compliments on its sophisticated, poetic lyrics, and melancholic instrumentals; many named it a highlight on Folklore and one of the best songs of Swift's discography.

[4] The song is a melodramatic, midtempo indie ballad driven by acoustic guitar, with lush orchestration heavily laden with strings and a "euphoric" crescendo of violins.

Swift fantasizes about a red rose growing out of tundra "with no one around to tweet it", indicating her idea of a utopia free of social media, feuds and urban settings,[4][8][9][10] getting away from the society, her critics and detractors, and finding solace with her lover in the wilderness, like the Lake Poets.

[11] The songwriting exudes a depressive tone coupled with escapism, with references to Wisteria, a genus of flowering plants, and William Wordsworth, the 19th-century English poet who is recognized for his Romantic works.

[12] Aaron Dessner, Swift's collaborator on Folklore, stated the song uses hints of tragic Greek poetry, and feels like getting "lost in a beautiful garden".

It is a few seconds longer than the album version of "The Lakes";[16] Swift tweeted: "It's been 1 year since we escaped the real world together and imagined ourselves someplace simpler.

[34] Rolling Stone's Brittany Spanos wrote that the song channels Romantic-era poetry, by depicting unconditional love "within a controversial life and painful experiences".

[36] Tom Breihan, writing for Stereogum, called it a "soft, small-scale" love song about avoiding the public eye and "finding escape in some secluded enclave".