Like many songs by The Byrds (particularly "Eight Miles High
"), this one was often interpreted to be about drugs, with the wild horse a metaphor for the drug itself (a more simplistic interpretation is that it's simply an acid trip). It does make a compelling analogy, with the singer relentlessly pursuing the horse, getting hurt, then continuing his futile quest to find it again and tame it. Addicts could relate. The singer is clearly dependent on the horse and out of touch with reality, which is clear in the lines:And we'll be friends for life
She'll be just like a wife
The horse, of course, has other ideas.