Brad Paisley co-wrote this song with Smith Ahnquist, Brent Anderson, Chris DuBois and Mike Ryan. It finds Paisley reminiscing about life's lasts: the final time he spent the day on the lake with his grandfather, the last ball thrown at an old family pet, the end of the bad haircuts - "[tell] Supercuts, 'Let's leave it long in the back.'"
Paisley explained the song's background during a private screening of the Love and War visual album: "I've got two little boys. Somebody said, 'Can you still hold your oldest?' I said, 'No. He's too big.' They said, 'When was the last time you held him?' and I didn't remember. There was just a point when you didn't pick him up anymore because it hurt your back. And that song is — daily, I'm realizing stuff that it's like, 'Oh, that's it for that.'"
Paisley recalls the last chance he got to see some of his musical heroes onstage such as Little Jimmy Dickens and Glenn Frey. He told Billboard magazine: "There's a lot of personal things in the song 'Last Time for Everything,' like Little Jimmy on the Opry stage and seeing Glenn Frey at The Forum."
The music video is a testament to Paisley's 1980s youth, interspersing real-life home videos of the singer's high school football games and graduation with references to various '80s cultural icons. There's the famous KITT car from the 1980s TV show Knight Rider and the original Ghostbusters-mobile plus a cameo from one of the decade's most famous personalities, the actor David Hasselhoff. The humorous clip also stars Paisley's wife, actress Kimberly Williams-Paisley (dressed as a 12-year-old girl).