The song was all band members' first time doing lead vocals all together.
The song's lyrical content made implicit references to "familiar media images of glamorous people, [like] 'The Empress of Fashion' and 'The Captain of the Enterprise'" and describes "a goofy series of mythic couples meeting to populate the future." It also has been speculated to be a satirical look at heterosexual coupling, evidenced both by the dating agency styled introductions of the band members, and by the repeated lyric: "let's meet and have a baby NOW!" The title of the song is not part of the lyrics, and was used as the title of a 1998 B-52's greatest hits compilation album, Time Capsule: Songs for a Future Generation.
A music video was filmed to accompany "Song for a Future Generation" for promotion on television. It features the band members performing the song on podiums, swings and in a Brady Bunch style split screen. The video also features some of the most extravagant, elaborate bouffant wigs that the female members of the band notoriously wore throughout their early career, including one made of golden tinsel, one with a chicken wire frame (nicknamed "the bird cage") and one bouffant atop which sat a giant bow made from wig-hair.
The B-52's sang "Song for a Future Generation" live over a backing track on the Whammy! tour in 1983.