This mid-tempo song is the second single by American alternative rock band My Chemical Romance from their fourth studio album, Danger Days: The True Lives of the Fabulous Killjoys.
Gerard Way's lyrics about overcoming alienation are part of a common theme throughout the album. Guitarist Ray Toro explained to Spin magazine that Way's lyrics focus on ideas of alienation and escape, and feature a group of outsider characters called the Killjoys. "The overall theme in the music is finding a sense of freedom and using creativity and art as the weapon, as opposed to worrying about the end result," he said, adding that the Killjoys are a loose interpretation of the band itself. "Some people are going to think it's a departure. That's the fun of being in the band, having the blessing to explore the music and try different things."
My Chemical Romance scrapped much of the first incarnation of Danger Days after a year's recording and started over with the help of Black Parade producer Rob Cavallo. Gerard Way told Billboard magazine how this song evolved after the band originally recording it for their first version of the record: "'The Only Hope For Me Is You' is another song that was off the first session, and I think there's four total. Again, this was the hardest -- we knew we loved this song. We knew it was an amazing song, so how are we going to get this into Danger Days world which, at this point, had become very electronic retro thrash rock album, and this needed to live on there. This went through a lot of incarnations, a lot of exploration, a lot of programming, and we settled on this version that was kind of split up the middle. It had programming, it had these big sweeping Blade Runner keyboards in the beginning, but then ultimately it's a rock song and we kept that about it."
The decision to start again after a year's recording was inspired by an interview with Blade Runner director Ridley Scott, during which Way realized he had to fight to the death for his art. "I watched a lot of Blade Runner and I watched a lot of the Making of Blade Runner. Ridley Scott was really inspiring too, just kind of his unwillingness to put the camera down and really capture something special. He wasn't trying to make Star Wars," Way explained to Spinner: "People were upset by that, but he was very strong in his vision and I think the band was very strong in its vision this time. That's why the record took - instead of a month and a half to do - four months to track because our barometer for great was very high."