The song "Just Like Old Times" by Natalie Imbruglia is a nostalgic reflection on a past relationship that the singer is revisiting. The song is about the feelings one experiences upon running into an ex-lover, wondering if they still have a place in each other's hearts and wanting to reconnect. In the first verse, the singer talks about how the memories of the past relationship are flooding back to her, and she admits to being unsure whether she is drowning or swimming in them. In the chorus, she expresses her curiosity about her ex's current state and if she still occupies a place in their mind.

The second verse is all about the places they used to go and the mementos that remind her of the past relationship, including letters from her ex. The bridge section is introspective as the singer tries to come to terms with the end of the relationship and start the process of healing. She acknowledges that building walls between each other was a mutual decision and that she has to make peace with herself.

Overall, the song is about capturing fleeting memories of a past romance that feel like a distant dream. The singer is yearning to return to the good times they had together, but she knows she has to move on with her life at the same time. The song ends on a note of hope, with the possibility of rekindling the relationship still a possibility, even if it is just in the singer's imagination.