There are three sections in the song:

In the first section, John Lennon describes God as "a concept by which we measure our pain".

In the second, Lennon lists many movements that he does not believe in, ending by stating that he just believes in himself (individuality) and Yoko (his wife). He rejects magic, the I Ching, the Bible, tarot, Hitler, Jesus, Kennedy (which he also sang as "Kennedys", referring to both John F. Kennedy and Robert F. Kennedy), Buddha, mantra, the Gita, yoga, kings, Elvis, Zimmerman (Bob Dylan) and the Beatles.

The final section describes Lennon's change since the break-up of the Beatles. While the Beatles were basically his family throughout the 1960s, he states that he is no longer the "Dreamweaver" or "The Walrus", but just "John". The final line of the song, "The dream is over,” in effect officially declared the end of the 1960s and its quest for meaning in utopian movements. Lennon is saying that meaning lies within oneself. "If there is a God," Lennon explained, "we're all it."