"Peg" is a song by American rock group Steely Dan, first released on the band's 1977 album Aja. The track was released as single in 1977 and reached number 11 on the USBillboard chart in 1978 and number eight on the Cash Box chart. With a chart run of 19 weeks, "Peg" is tied with "Rikki Don't Lose That Number" and "Hey 19" for being their longest-running chart hit. In Canada, "Peg" spent three weeks at number seven during March 1978.
The song's guitar solo was attempted by seven top studio session guitarists ‒ including Robben Ford and recurring guitarist Larry Carlton (who wrote Room 335 because of the solo played by Graydon)‒ before Jay Graydon's version became the "keeper". He worked on the song for about six hours before the band was satisfied.
Jay Graydon spoke about his famous guitar solo in a 2014 interview:
Fortunately, I had no problems on sessions as to nailing a part, but know this—every first call studio guitarist that has played solos has been replaced by another guitarist at least once. It's just part of being a studio musician.
Michael McDonald can be heard providing multi-tracked backup vocals in the choruses, and keyboardist Paul Griffin can also be heard improvising background vocals in the final chorus and fadeout.
The song could be a reference to Broadway star and one-time Hollywood actress Peg Entwistle, who became famous in 1932 by jumping to her death off the Hollywoodland Sign before her first film was ever released.
Pitchfork rated "Peg" as its 87th best song of the 1970s, describing it as the "perfect Steely Dan song, and one of the strangest hits to ever grace the mainstream." Drummer Rick Marotta calls "Peg" one of the greatest tracks he has ever played on.