"Penny Lane" is a song by The Beatles, written by Paul McCartney and credited to Lennon/McCartney. Recorded during the Sgt. Pepper sessions, "Penny Lane" was released in February 1967 as one side of a double A-sided single, along with "Strawberry Fields Forever". The song was later included on the Magical Mystery Tour LP (1967). The single was the result of the record company wanting a new release after several months of no new Beatles releases. In 2004, Rolling Stone ranked the song at #449 on its list of the 500 Greatest Songs of All Time.
The song's title is derived from the name of a street in the band's hometown, Liverpool. The area that surrounds its junction with Smithdown Road is also commonly called Penny Lane.
In the US the song reached #1 on the Billboard Hot 100 for a week before being knocked off by The Turtles song "Happy Together". The song features contrasting verse-chorus form and was credited "Lennon/McCartney", although McCartney was the main contributor to the song.