"Slip Slidin' Away" is a song about the fleeting nature of life and the difficulty of controlling our destinies. The repetitious chorus of "slip sliding away" suggests that even when we have a clear destination in mind, we can never be sure of actually getting there.

The first verse tells the story of a man who loves his woman so much that he fears disappearing if he loses her. This illustrates how our desires and attachments can sometimes cause us to lose sight of ourselves and our independence.

The second verse describes a woman who feels trapped in her life, unable to escape the regret of missed chances and lost opportunities. Her contrasting definition of a good and bad day implies that her life lacks meaning, as she defines her days by their absence or presence of rain.

The third verse focuses on a father-son relationship. The father longs to explain his past actions to his son, but ultimately fails in this effort. This underscores the human tendency to make plans and intentions that may not come to fruition, as well as the difficulty of truly understanding and communicating with others.

The final verse brings in a spiritual dimension, emphasizing that we are ultimately subject to a higher power that we cannot comprehend. Despite our daily routines, we cannot control the direction of our lives. The song ends with the repeated chorus, suggesting that slipping away and losing control is a fundamental aspect of the human experience.