The song's origin and basis are unclear, with some thinking that the song commented on the assassination of John F. Kennedy, as the song was recorded three months after the assassination, although Simon & Garfunkel had performed the song live as Kane & Garr two months before the assassination.

It was written by Stapleton and Dan Wilson and produced by Dave Cobb, Chris and Morgane Stapleton. The song stayed at the number two position for two weeks on the Country Airplay chart. It was nominated and won the Grammy Awards for Best Country Solo Performance and Country Song at the 66th Annual Grammy Awards.

The inspiration for the rewritten lyrics was his close friend Roger, who was suffering from acute leukemia and died four months later. The Terry Jacks rendition, which was later dedicated to the friend, has the dying man giving his last words to his loved ones with whom he shared his life, much like the original.

The song's lyrics, which refer to riding "the white horse" and "the white pony", have been interpreted as references to heroin and/or cocaine use. Rolling Stone described "White Horse" as "[p]erhaps the most unconvincing anti-drug song of all time".