此词为记梦之作。作者可能真个做了这样一个梦，但更可能出于虚构，实为作者在《人间词话》中所说的“造境”之作。词的上片写“梦中”与其人相见的柔情蜜意；下片写“觉后”对其人相思的深愁苦恨。合上、下片看，全词所写是由梦境回到人间，以梦境的温馨反衬人间的凄凉。

《蝶恋花》 王国维

昨夜梦中多少恨，
细马香车，
两两行相近。
对面似怜人瘦损，
众中不惜搴帷问。
陌上轻雷听渐隐，
梦里难从，
觉后那堪讯。
蜡泪窗前堆一寸，
人间只有相思分。

Tune: "Butterflies Lingering over Flowers"

How much regret in my dream last night?
I on horseback and you in a carriage,
The two of us drawing closer to each other.
Face to face, you seemed sorry for my haggard look;
Under many eyes, you drew up the curtain to ask for my health.
Then down the road the rumble of your carriage gently died away.
In my dream I find I cannot follow;
Where, on waking, can I have news of you?
By my window, candle's tears have gathered an inch;
Longing, in this human world, is our common lot.