"Million Reasons" is written in the key of C major with its tempo swinging around 64 beats per minute, and is accompanied by piano and guitar. Gaga's vocals span from G3 to E5 in the song, which in common time, follows a progression of C–Am–F–G, with a chorus of F–C–Am–G. During the song's chorus, Gaga croons "You're giving me a million reasons to let you go / You're giving me a million reasons to quit the show". Its discussion of heartbreak and hope, as described by International Business Timess Nicholas Mojica, was guaranteed to "resonate with [the] listeners" of the record. Bustles Amy Roberts theorized that, like most of the songs from Joanne, "Million Reasons" had extra hidden depth in its lyrics and predicted it to be about Gaga's separated boyfriend Taylor Kinney. The phrase "quit the show" was described as a metaphor by Roberts about Gaga feeling dejected about her life, with the second verses confirming this. Both romantic heartbreak as catalyst and religious faith of the singer were represented as different sides of the lyrics. Roberts concluded by saying that "[t]hough the song may seem extremely fraught with sadness, confusion and heartache, its main message appears to be a pretty positive one".
