Both Jimmy Page and Robert Plant have attempted to dispel rumours that the song is about The Lord of the Rings since the song's release.

Those who insist that J.R.R. Tolkien's work of epic fantasy inspired the song generally do so on the following grounds:

Plant does not deny the connection between The Battle of Evermore and the final battle in The Return of the King but insists that no connection exists between the LOTR saga and Stairway to Heaven.

A popular interpretation claims that the song is about a prostitute.