"I'm Made of Wax, Larry, What Are You Made of?" was written by lead singer Jeremy McKinnon, who does the majority of the band's songwriting. It follows a similar pattern to many A Day to Remember songs in that it favors personal, emotional lyrics that are presented in a straightforward manner. In an interview with Artists Direct, McKinnon says that he uses songwriting to "get out what I need to get out, but I attempt to communicate it in a manner that can help other people too."

In the song, McKinnon examines the wreckage of a broken relationship. Most of the lyrics are addressed to the anonymous ex-girlfriend; the song switches between accusations, threats, and even more apologetic lines without ever explicitly describing what went on in the relationship. It's a strongly emotional work that leaves a lot of room for the listener's imagination to fill in the blanks.

The name "I'm Made of Wax, Larry, What Are You Made of?" is drawn from a line in the movie Night at the Museum.

This song appears on Homesick, the third studio album by A Day to Remember. Homesick is considered to be the band's breakthrough album, featuring personal lyrical content and heavy-edged pop-punk sensibilities. Reviewers considered the album to be similar in sound to its predecessors, but overall more refined and polished. "I'm Made of Wax, Larry, What Are You Made of?" was released as the album's fourth and final single.

While singer/writer Jeremy McKinnon does appear on the song, it also features guest vocals from Mike Hranica of The Devil Wears Prada.

The song appears as downloadable content in the videogame Rock Band.