My Old Raincoat by Eels is a song that reflects on themes of nostalgia, resilience, and the comfort found in familiar objects. The raincoat symbolizes protection and the past, suggesting a journey through hardship and the solace in holding onto things that have seen you through tough times. Key moments in the song highlight the intimate relationship between the narrator and their old raincoat, using it as a metaphor for enduring life's storms and finding a sense of security despite challenges.