The song 'Last Christmas' by Wham! narrates a tale of heartbreak and betrayal during the holiday season. The lyrics depict a person reflecting on a past relationship where they gave their heart only to be hurt, emphasizing the theme of vulnerability and the cycle of trust and deception. The metaphor of 'Last Christmas' symbolizes a time of giving and love, contrasted with the pain of heartbreak, ultimately conveying a message of resilience and the hope to find genuine love in the future.