Lyrically, the song is written from the perspective of a girl who once had nothing and the theme centers around love. About.com compared the lyrics of "Hung Up" and another song "I Love New York" from the "Confessions on a Dance Floor" album, to the style of the songs in Madonna's "American Life" album. According to About.com, the song is written as a very traditional dance number which is rooted in relationship issues. Also present in the lyrics is Madonna's enduring embrace of strong, independent women. The song's hook, "Time goes by so slowly for those who wait," is taken from Madonna's 1989 collaboration with Prince, "Love Song," as is the line, "Those who run seem to have all the fun."