Bernie Taupin, who wrote the lyrics for "Levon", was inspired by The Band's co-founder, drummer, and singer Levon Helm to name the title character after him. The Band was apparently Elton John's and Bernie Taupin's favourite group in those days. The "Alvin Tostig" mentioned in the song (Levon's father) is, according to Taupin, merely fictional.
Elton John and his civil partner, David Furnish, named their son "Zachary Jackson Levon Furnish-John", in part as he was born on Christmas Day 2010 (as Levon was born on Christmas Day in the song).
"Levon" has since been covered by several artists, including Jon Bon Jovi (who covered the song on the tribute album Two Rooms and claims that "Levon" is his favourite song of all time and that he looks up to Elton John as his idol).Phil Lesh and Friends started playing the song in April 2012 shortly after the death of Levon Helm.