[Verse:]
I would like you to listen
Pay attention and listen
To a story that's old, but never stale
I would like you to listen
Pay attention and listen
To a twentieth century fairy tale

[Refrain:]
Once there was a princess
Once there was a guy
And they fell in love one wonderful day

But she was a princess
He was just a guy
So there was the royal devil to pay

They were ordered not to speak to one another
And they knew the sorrow that would bring
Still, they promised not to speak to one another
But they didn't promise not to sing

So beneath her window tenderly he sang
All the things he promised never to say
Once upon a time today

[2nd refrain:]
He collected lots of corny little phrases
Like "I love you, dear" and "You're for me"
But he found that when he set them all to music
They were just as good as poetry

So beneath her window tenderly he sang
"How about that happy ending in May?"
Once upon a time today

[British version substitutes "ordinary" for "corny little"]