The piece was composed as a setting of a song (verse XXIX from Canto Three) from Walter Scott's popular epic poem The Lady of the Lake, in a German translation by Adam Storck [de] (1780–1822), and thus forms part of Schubert's Liederzyklus vom Fräulein vom See. In Scott's poem the character Ellen Douglas, the Lady of the Lake (Loch Katrine in the Scottish Highlands), has gone with her exiled father to stay in the Goblin's cave as he has declined to join their previous host, Roderick Dhu, in rebellion against King James. Roderick Dhu, the chieftain of Clan Alpine, sets off up the mountain with his warriors, but lingers and hears the distant sound of the harpist Allan-bane, accompanying Ellen who sings a prayer addressed to the Virgin Mary, calling upon her for help. Roderick Dhu pauses, then goes on to battle.

The lady of the lake, her arm clad in shimmering samite, held aloft the sword Excalibur...