According to Taupin, the song is about "the fantasy of escape, the fantasy of being in rock 'n' roll". The lyrics describe a fan's dream of joining a rock band and traveling the world. The song's title refers to the band that the fan joins, which is called "Bennie and the Jets".
"Bennie and the Jets" was a commercial success, reaching number one on the UK Singles Chart and number two on the US Billboard Hot 100. The song also won a Grammy Award for Best Pop Vocal Performance by a Male.
The song has been covered by many other artists, including David Bowie, Rod Stewart, and Queen. It has also been featured in several films and television shows, including The Simpsons, Family Guy, and Shrek 2.
In 2010, "Bennie and the Jets" was inducted into the Grammy Hall of Fame.