Not Ready Yet by Eels explores the themes of regret, longing, and the struggle with emotional readiness. The lyrics depict a person who acknowledges their mistakes and feels a profound sense of regret. They are not yet ready to move forward, suggesting a battle with personal demons, unresolved emotions, or a fear of change. The repetition of 'I'm not ready yet' highlights the ongoing internal conflict and hesitation. Key poignant moments include expressions of deep personal introspection and sorrow over lost time or missed opportunities.