Fading Away by James Taylor is a deeply introspective song that reflects on the inevitability of change and the passage of time. The key themes of the song include memory, loss, and the fleeting nature of life. Throughout the lyrics, Taylor contemplates the gradual drifting away of people and moments that were once significant. Particularly poignant moments in the song can be found in the verses where Taylor describes the emotional impact of these losses and his yearning for what once was. The song ultimately underscores the importance of cherishing the present as time continues to move forward.