Lyric discussion by someone5 

Cover art for Valley of the Dolls lyrics by Marina and the Diamonds

If you read the book or watch the movie, or even read a review on it, you'll understand. Generally, the story is about three girls in new york, one wanting a new life away from her small town home, one a model who is earning money for her poverty-ridden family, the other a singer who is trying to make it big. The "Valley of the Dolls" is the art business. Modeling, singing, acting, writing, et cetera. The movie shows how tragic and unfair the business is, especially for people with real talent. "Dying like a shooting star, in the valley" is pretty much saying she wants to leave the legacy of fame and fortune, living her life in this horrible yet rewarding setting of the Valley of the Dolls, aka, music business.

Very close, but actually valley of the dolls is slang for the pills (sleeping pills) used frequently in the work/being addicted to them. The first line in the film is "If you want to climb Mt. Everest you first must pass the valley of the dolls" which means if you want your fame and life to persevere you must beat/avoid the addiction. SPOILER ALERT IF YOU ARE INTERESTED IN WATCHING THIS FILM/BOOK

Actually, the model, Jennifer ends up committing suicide using the "dolls," and I feel like this song focuses mostly on her. Her mother...