The libretto, written by W. H. Auden and Chester Kallman, is based loosely on the eight paintings and engravings A Rake's Progress (1733–1735) of William Hogarth, which Stravinsky had seen on 2 May 1947, in a Chicago exhibition.

The story concerns the decline and fall of one Tom Rakewell, who deserts Anne Trulove for the delights of London in the company of Nick Shadow, who turns out to be the Devil.

After several misadventures, all initiated by the devious Shadow, Tom ends up in Bedlam, a hospital for the insane at that time situated in the City of London.

It was first performed at the Teatro La Fenice in Venice on 11 September 1951, with Robert Rounseville as Tom Rakewell, Elisabeth Schwarzkopf as Anne Trulove, and Otakar Kraus as Nick Shadow.

The noteworthy 1975 Glyndebourne Festival Opera production was directed by John Cox, used sets and costumes were designed by David Hockney, and starred Leo Goeke as Tom Rakewell.

Utah Symphony music director Thierry Fischer conducted, with stage direction by Roy Rallo, who assisted John Cox during San Francisco Opera's 2000 revival.

Conductor was Ari Pelto and with the major roles taken by Jonathon Boyd, David Pittsinger, Maureen McKay and Angela Niederloh.

When Tom expresses his wish for money, Nick Shadow appears and tells him that an unknown uncle has left him a substantial fortune.

The second scene, set in Mother Goose's brothel, shows Shadow introducing his new master to the sleazy aspects of London life.

He utters his second crucial wish, for happiness, whereupon Nick makes the odd suggestion that he demonstrate his freedom by marrying Baba the Turk, the famous bearded lady.