The song is about a fictional working class couple, Tommy and Gina, who struggle to make ends meet and maintain their relationship. Tommy "used to work on the docks" because "union's been on strike, he's down on his luck". Gina works at a diner, "workin' for her man".

Once upon a time
Not so long ago
Tommy used to work on the docks
Union's been on strike
He's down on his luck...it's tough, so tough

Gina works the diner all day
Working for her man, she brings home her pay
For love - for love

She says: We've got to hold on to what we've got
'Cause it doesn't make a difference
If we make it or not
We've got each other and that's a lot
For love - we'll give it a shot

We're half way there
Livin' on a prayer
Take my hand and we'll make it - I swear
Livin' on a prayer

Tommy got his six string in hock
Now he's holding in what he used
To make it talk - so tough, it's tough

Gina dreams of running away
When she cries in the night
Tommy whispers: Baby it's okay, someday
We've got to hold on to what we've got
'Cause it doesn't make a difference
If we make it or not
We've got each other and that's a lot
For love - we'll give it a shot

We're half way there
Livin' on a prayer
Take my hand and we'll make it - I swear
Livin' on a prayer
Livin' on a prayer

We've got to hold on ready or not
You live for the fight when it's all that you've got

We're half way there
Livin' on a prayer
Take my hand and we'll make it - I swear
Livin' on a prayer
We're half way there
Livin' on a prayer
Take my hand and we'll make it - I swear
Livin' on a prayer
We're half way there
Livin' on a prayer
Take my hand and we'll...