The lyrics of "Take It Or Leave It" by UFO tell a story about a person reflecting on their past relationship and expressing their desire to reconcile and give it one more chance. The protagonist is on their way home to see their "little angel," implying a loved one or their child. They acknowledge that it has been a long time since they've seen each other and they feel like a stranger. However, they believe that a good thing lasts forever and are hopeful that they can talk things over and mend their relationship. The person acknowledges that distance led them to put their loved one out of sight and out of mind. As time passed by, promises were broken, indicating that their relationship suffered. Despite the challenges, the person still believes that they can work it out if given one more chance before it's too late. They urge their partner to take it or leave it, signifying their willingness to work things out but also acknowledging the possibility of being left alone. They express their desire for a last goodbye and ask for a little sad reply, suggesting their yearning for closure. Throughout the song, UFO explores themes of longing, regret, and hope for reconciliation. The lyrics emphasize the importance of communication, second chances, and cherishing the lasting value of a meaningful relationship.