It was written by singer-guitarists Rhian Teasdale and Hester Chambers, along with guitarist Joshua Mobaraki, and produced by Dan Carey.

[4] Comparing it to the band's debut single "Chaise Longue", Tyler Golsen of Far Out found "Wet Dream" to be "far more melodic and indie rock-based" than its predecessor, and described the lyrical content of the two songs as "bizarre".

[5] The band performed the song during their Tiny Desk (Home) Concert, alongside "Chaise Longue", "Too Late Now" and "Oh No".

Their performance, released on 1 December 2021, intersperses VHS clips with footage captured on modern cameras, as a nod to their sound which is inspired by the 1970s.

[2] Its imagery was compared to the work of avant-garde Czech film director Věra Chytilová and Spanish surrealist artist Salvador Dalí.