"Bleeding Love" is a pop song with R&B undertones set in the key of F major. It moves at 104 bpm and is set in 4/4 time. The album version runs for four minutes and twenty-two seconds and the radio edit runs for four minutes and one second. Lewis performs (A5) during the final chorus, and (D4) during each verse. The range of the song for her version is 1 1/2 octaves.[15]

The song refers to someone who has found the person for which they can over look all the faults. The character may or may not be in a relationship, so the bleeding love has to do with the never ending belief that some have to love. The bleeding love is a metaphor, with that love that she is bleeding is the love that will never die. She doesn't care what anyone will do, they can't pull that love away from here.

"Bleeding Love" is constructed in the common verse-chorus-bridge song pattern. It employs a church organ which is audible throughout the song until the bridge. Synthesized strings are also prominent throughout the song, which intermittently integrates wood block percussion throughout the track. A heavy, distorted marching band-like drum loop backs the song.[16]

The song employs an interesting yet subtle harmonic shift beginning at the bridge. A harmonic shift or harmonic variety generally identifies most song bridges. What is special in "Bleeding Love" is that the turn around from the common I, VI, IV, V (F, Dm, Bb, C) progression used exclusively up to the bridge for both verses and choruses shifts to focus on the relative minor: VI, IV, I/V, V (Dm, Bb, F/C, C). The darker quality of superimposing the second half of the verse, as well as the final chorus over this VI chord progression, in addition to resolving the song on this relative minor, enhances the intensity of the pain and pathos of the song.