The song "I Will Always Love You (Whitney Houston Tribute)" by ​iLoveMakonnen is a heartfelt tribute to two individuals: a friend named Ashley and the legendary singer Whitney Houston.

In the first verse, the narrator expresses their emotional turmoil when visiting Ashley's grave, reminiscing about their long-standing friendship since the 8th grade. The absence of Ashley now leaves them sleepless and leads them to change their life, living each day without fear. This suggests that losing Ashley has had a profound impact on the narrator, causing them to reevaluate their priorities and live more authentically.

The chorus highlights a common theme of posthumous appreciation. The lyrics suggest that people often fail to truly appreciate and love someone until after they have passed away. This sentiment is represented by the line "They don't really love you 'til you die, then it's too late and they wonder why." The narrator seems to lament this societal tendency, emphasizing the importance of expressing love and appreciation while someone is still alive.

The second verse shifts the focus to Whitney Houston, another individual who had a significant impact on the narrator's life. The lyrics reveal the narrator's longing for Ashley's call and their plea for Whitney to not leave them alone. The mention of making music together suggests a creative bond and shared experiences. The realization that life is finite encourages the narrator to cherish the memories and express their love for Ashley and Whitney in the present.

The chorus is repeated, reinforcing the message that love and appreciation should not be reserved for after someone's passing. It emphasizes the regret that arises when people fail to recognize and appreciate someone's worth until it's too late.

The outro acknowledges that the narrator will always love Ashley, Whitney, and others. It serves as a final declaration of enduring love and a reminder to cherish those who are important to us.

Overall, "I Will Always Love You (Whitney Houston Tribute)" explores themes of grief, regret, and the importance of expressing love and appreciation while someone is still alive. It serves as a touching tribute to significant figures in the narrator's life, reflecting on the impact they had and emphasizing the need for love and appreciation in the present.