Lyric discussion by New Era Orchestra 

Cover art for Eldorado lyrics by Electric Light Orchestra

This song touched me early in life. I've always had a fascination with Eldorado and the concept of a perfect world.

Like the rest of the concept album, this song is about a guy who at some point or other wanted to leave his boring world and find Eldorado, but of course his tale is tragic. Every time he gets there he is just dissapointed and broken, so now he knows for sure there is no glory left, nothing there left for him.

Yet he still finds "they key to the eternal dream." I interpret this as meaning he has realized that since he can't go to Eldorado, he might as well just live his life the best he can for real, free from all the stresses of trying to find a dying dream.