Lyrics in "Surf's Up" reference artifacts of the patrician period, such as diamond necklaces, opera glasses, and horse-drawn carriages. They also espouse themes related to childhood and God, similar to other songs written for "Smile" ("Wonderful" and "Child Is Father of the Man"). The title is a play-on-words referring to the group shedding their image. In surfing, "surf's up" means that the conditions of the waves are good, but when the phrase arrives in the song, it is used to conjure an image of a tidal wave.