Lyric discussion by Zichadoo 

Cover art for Jane the Queen of Love lyrics by Frank Black and the Catholics

Well, to me, this song clearly is speaking about Marijuana. It seems that way because of the title..."Jane" is another way for saying Mary-Jane a.k.a. Marijuana.

Wherever she goes she will reign, is talking about the mass amount of people who use it.

Also, Frank is talking about how he doesn't want to go back to smoking it, by saying "I hear the phone line, and hope that isn't you" being his drug dealer.

Ending the song, Frank states that she, it is the only one for him.