The lyrics portray a woman who has her own priorities in life and who is not interested to play with New York high society stereotypes. Hence she is dismissed as a tramp. The original lyrics are more explicit than subsequent versions (some substituting "champ" for "tramp") and portray dated references to mid '30s New York urban life and culture:
Fiorello La Guardia was elected mayor of New York Mayor in 1933, relying not on the Manhattan elite but on middle and lower classes, including Italian and German immigrants, Jews, and some Democrats and Socialists.
George VI and Queen Elizabeth's coronation was in 1937 and most of Manhattan's elites were interested in the ceremony in London.
Mulligan stew is a dish said to have been prepared by American hobos in camps in the early 1900s.
The Ritz hotel is a luxury hotel on Central Park.
Sardi's is a New York restaurant that opened in 1927 at 234 West 44th Street and has remained at the site without interruption
Noël Coward was a highly popular British actor and director in the 1930s, known for his sophisticated comedies and influence on American culture.
For the Beaux Arts Ball, held in New York in 1931, famous architects dressed up as their buildings.
Aside from its obvious meaning, Dinner at Eight is also the title of a 1932 play and a 1933 movie, a comedy of manners concentrating on the life of a high class New York magnate family: they invite an English peer and his wife to dinner as a sign of social distinction, but the dinner results in disaster.
Tony Bennett and Lady Gaga recorded a version of this song for his 2011 album Duets II. Bennett praised Gaga's performance in the song, saying that she is a real "jazz lady". They performed the song live on ABC's Thanksgiving special dedicated to, written, directed, produced and hosted by Gaga entitled A Very Gaga Thanksgiving. They were the opening number, singing next to an old piano in a casual obscure room. Bennett said, "I see in Lady Gaga a touch of theatrical genius, she is very creative and very productive, I think as time goes on she might be America's Picasso. I think she's going to become as big as Elvis Presley."  The song, even though not officially released got to enter the Japan Hot 100, where it has managed to enter the top 40 and it has also entered the top 200 extension to the UK Singles Chart.
Following the single, Bennett drew a sketch of Gaga naked for the January 2012 issue of Vanity Fair, which was then auctioned for $30,000. The money raised went to charity, supporting the Exploring the Arts (ETA) and Born This Way Foundation.
The song as well as the video received critical acclaim for the vocals of both Bennett and Gaga as well as for the simplicity of the video, which departs from Gaga's usual efforts. The song received praise from both E! and MTV. Other critics expressed hopes that Gaga would release her own jazz music after this successful effort.
The song was also added to Cheek to Cheek: HSN Deluxe album bonus tracks duet between Lady Gaga and Tony Bennett released in September 2014.
The duo filmed a music video for the track. The video shows Bennett and Gaga singing "The Lady Is a Tramp" together in a studio in front of music stands. The video, like the song's lyrical content, received largely positive critical reception.