"Love Story" came along late into the production of Fearless. Swift wrote "Love Story" about a man who was never officially her boyfriend. When she introduced him to her family and friends, they did not become fond of him. "His situation was a little complicated, but I didn't care", said Swift. Swift also felt like it was the first time she could relate to the plot of William Shakespeare's Romeo and Juliet (1597), one of her favorite narratives, which she described as, "The only people who wanted them to be together were them." She conceived the idea for the song when she reflected about the scenario: "I thought, 'This is difficult but it's real, it matters—it's not simple or easy but it's real'." She then centered the song on the line, which was ultimately placed in the "Love Story"'s second refrain. All events, with the exclusion of the end, narrated in the song regarded Swift's actual story. The song's conclusion differed from that of Romeo and Juliet. "I feel like they had such promise and they were so crazy for each other. And if that had just gone a little bit differently, it could have been the best love story ever told. And it is one of the best love stories ever told, but it's a tragedy." Instead, she chose to write a happy ending. She took her favorite characters and conceptualized the ending she believed they deserved. She perceived it to be the ideal ending that girls hoped for, including herself. "You want a guy who doesn’t care what anyone thinks, what anyone says." Although it was fictional, Swift said it was an enjoyable experience to write about. Swift wrote the track on her bedroom floor in approximately twenty minutes, feeling too inspired to put the song down unfinished.
Swift and her love interest continued their relationship, but then separated because it was hard for them to see each other. To Swift, the song resembles much optimism regarding love and how encountering the right person could surpass skepticism. She deemed "Love Story" one of her most romantic songs, although she was never in an official relationship with the subject of the song. In retrospect, Swift said the song is "about a love that you've got to hide because for whatever reason it wouldn't go over well", adding "I spun it in the direction of Romeo and Juliet. Our parents are fighting. I relate to it more as a love that you cannot really elaborate on — a love that maybe society wouldn't accept maybe your friends wouldn't accept."