"The Last Time (Taylor's Version) (feat. Ed Sheeran)" is the 10th re-recording, off of the second re-recorded album, Red (Taylor's Version). The song ties into the theme of what can happen throughout a relationship similar to ones in songs like "I Almost Do (Taylor's Version)" or "We Are Never Ever Getting Back Together (Taylor's Version)." The relationship has been very on and off and as "We Are Never Ever Getting Back Together" says in a funny, mocking way, this song sincerely and rawly states — this is the last time. Swift has finally had enough with this relationship, the uncertainty, and the hurt.

In the hidden message of this track in the album cover Swift wrote "LA on Break." This seems to hint that this person may have broken up with her while he was in LA on his break. Perhaps in Hollywood on a break from acting. This may be pointing at Taylor's ex, actor Jake Gyllenhaal. The pair broke up after he did not pitch to her birthday, as he was in LA to promote his movie Love and Other Drugs. This was detailed in her track "The Moment I Knew (Taylor's Version)"

Lyrics-

[Gary Lightbody]
I find myself at your door
Just like all those times before
I'm not sure how I got there
All roads they lead me here
I imagine you are home
In your room, all alone
And you open your eyes into mine
And everything feels better

[Taylor Swift & Gary Lightbody]
And right before your eyes
I'm breaking, no past
No reasons why
Just you and me

This is the last time I'm asking you this
Put my name at the top of your list
This is the last time I'm asking you why
You break my heart in the blink of an eye, eye, eye

[Taylor Swift]
You find yourself at my door
And just like all those times before
You wear your best apology
But I was there to watch you leave
And all those times I let you in
Just for you to go again
Disappear when you come back
Everything is better

[Taylor Swift & Gary Lightbody]
And right before your eyes
I'm breaking, no past
Nowhere to hide
Just you and me

This is the last time I'm asking you this
Put my name at the top of your list
This is the last time I'm asking you why
You break my heart in the blink of an eye, eye, eye

[Taylor Swift, Gary Lightbody, & both]
This is the last time you tell me I've got it wrong
This is the last time I say, "it's been you all along"
This is the last time I let you in my door
This is the last time, I won't hurt you anymore
Oh-ho, oh-ho, oh-ho, oh-ho
Oh-ho, oh-ho, oh-ho, oh-ho

[Taylor Swift & Gary Lightbody]
This is the last time I'm asking you this
Put my name at the top of your list
This is the last time I'm asking you why
You break my heart in the blink of an eye

[Taylor Swift & Gary Lightbody]
This is the last time I'm asking you this (This is the last time I'm asking you this)
Put my name at the top of your list (Put my name at the top of your list)
This is the last time I'm asking you why (This is the last time I'm asking you why)
You break my heart in the blink of an eye (You break my heart)

[Taylor Swift & Gary Lightbody]
This is the last time I'm asking you, last time I'm asking you
Last time I'm asking you this
This is the last time I'm asking you, last time I'm asking you
Last time I'm asking you this
This is the last time I'm asking you, last time I'm asking you
Last time I'm asking you this
This is the last time I'm asking you, last time I'm asking you
Last time I'm asking you this