Punch and Judy by Elliott Smith is a melancholic exploration of a dysfunctional relationship, characterized by pain, conflict, and disillusionment. The song draws a parallel to the traditional puppet show 'Punch and Judy,' which is known for its violent and turbulent interactions between the characters. Key themes in the song include emotional turmoil, domestic strife, and the cyclical nature of toxic relationships. Particularly poignant moments in the song highlight the weariness and resignation of the narrator as they reflect on the repetitive and damaging patterns in their interactions with their partner.