Two versions of this work exist. The first version was composed in 1853-54 and published by Simrock. Then, in 1889, when the publishing rights for the work transferred to Breitkopf & Härtel, Brahms undertook extensive revisions, including the replacement of themes, completing the version commonly performed today.

First Movement: Allegro con brio 2/2 B major

The main theme is introduced by the piano solo and initially played by the piano and cello. The music gradually gains momentum in all aspects: rhythm, harmony, and dynamics. Unlike the first version, the violin enters for the first time at forte, making the theme a more melodic and balanced phrase. The descending third in the theme becomes one of the central materials for motivic development leading into the transition.

The new secondary theme, replacing that of the first version, presents many contrasts with the main theme, such as melodic leaps and chromaticism in the bass. However, it shares commonalities with the main theme in that string instruments later join the melodic voice, making the theme more lyrical, and the motives become more urgent later on. From measure 100, the music gains momentum through the piano's syncopation and ornamental variations of the secondary theme, leading towards the codetta.

The development section is a rich ground for motivic manipulation. In the first half, beginning with the establishment of E minor at measure 127, imitative treatment of the codetta's motive commences. When a fragment of the main theme appears in a minor key at measure 137, the piano develops an accompanying figure from the codetta's motive through harmonic progression. Here, imitation in the subsequent sections unfolds based on the motive that leads the piano accompaniment. At measure 162, with the main theme as a boundary once again, the music enters a phase derived from the transition.

From measure 175, the string parts, which had largely been paired in the development section, become independent, and for the first time in the movement, the strings envelop the piano part.

Amidst this new sonority, the music briefly builds up, but soon the overall range begins to descend, and its energy diminishes. As the string parts converge to a unison and the piano ceases its descent, the main theme reappears in G-sharp minor from the lowest register of the violin. The dual return of key and theme is achieved at measure 197, where the piano becomes the melodic voice. The key structure from G-sharp to B, leading to the secondary theme in B minor, is symmetrical to that of the exposition. The transition section, perhaps because it was also used in the latter half of the development, is shortened in the recapitulation.

The first half of the coda is a variation of the main theme's motive. The latter half focuses on continuous harmonic presentation rather than melodic and cohesive phrases. Here, fluctuations in dynamics and tempo create an elusive impression, but upon entering in Tempo, the music abruptly shifts to a cascading exchange between strings and piano, culminating in a resolute surge towards fortissimo, and the movement concludes with a renewed cadence.

Second Movement: Scherzo allegro molto B minor 3/4 time

Compound ternary form. In the Scherzo exposition, the theme is imitated between voices. In the middle section, the four-measure theme continues with slight modifications, ascending in pitch. At measure 53, as if releasing energy that had been suppressed by the sustained chord continuing from the codetta, the music becomes rhythmic and powerful. These eight measures expand the range to six octaves, are repeated with the violin added to the melody, forming a climax. The energy, not fully contained, erupts once more through the chromatic ascent in the bass and the urgency of the motive from measure 93. Subsequently, the voice movement quiets, but harmonic tension is maintained.

The recapitulation is contrasted with the exposition through changes in instrumentation, among other things. The long-breathed counter-melody anticipates the theme of the Meno allegro.

The Meno allegro in B major is lyrical, contrasting with the Scherzo, yet both are closely related through shared melodies and motives. The combination of instruments in the melodic voice changes with each section. The overall sonority gradually merges and expands, reaching its peak in the final thematic presentation where the violin plays octave chord tremolos.

After the repetition of the main Scherzo section, a coda based on previously presented material follows. The harmony, after alternating between the brightness of major seventh chords and the darkness of diminished seventh chords, ultimately settles on a Picardy third.

Third Movement: Adagio B major 4/4 time

Ternary form (ABA'). The theme of section A is an exchange between the piano and string parts. Section B consists of a lively theme, responses based on a dotted rhythm motive, and thematic variations. The theme's rhythm and leaping figures recall the post-thematic phrase of section A. In section A', the piano ornaments the post-thematic phrase, and the continuous piano timbre and voice leading enhance the overall unity of section A'.

The key structure of a minor third relationship, B (section A) to G-sharp (section B), common with the first movement, is already anticipated in the theme of section A (B to G-sharp, measures 7-13). As seen in the transition to section B and the beginning of the recapitulation, E major, which is the subdominant of B major and the relative major of G-sharp minor, serves as the key for modulation. However, Brahms seems to have emphasized E major not merely as a medium for modulation, but as a principal key of the movement. The modulation to E major in response to the dotted rhythm motive in section B would serve as evidence for this.

Fourth Movement: Allegro 3/4 B minor

Rondo form, significantly shortened from the early version. Although the sustained B note at the beginning guarantees the tonic key, the theme's opening with an added sixth chord and the repetition of the leading-tone progression E-sharp to F-sharp in the dominant key create a sense of unease for the listener. Upon entering the thematic statement without a definitive tonic resolution, the modulation process begins with the shift to G major in the post-thematic phrase.

The couplet (from measure 64) contrasts with the rondo theme in several aspects: its beginning in the parallel major, the piano's melodic voice, and the lively accompaniment. In the latter half, an accented augmented fourth and chromaticism in the bass intervene in the continuous musical flow, which has gained momentum due to the urgency of the motives, transitioning to a harmonically unstable phase.

The second rondo theme introduces changes from the outset in both timbre and structure, such as the melody played by the piano and the exchange of accompanying figures between instruments. The thematic statement is limited to the preceding phrase, and from measure 137, it becomes a site for motivic manipulation centered on the opening and closing motives of the rondo theme.

Following material from the transition, the recapitulation of the couplet begins in B major from measure 205. Subsequently, the music transitions to the next section, using the seventh of the diminished seventh chord at the end of the episode as a link. Here, the piano's arpeggiated chords present diminished seventh chords and ninth chords on the tonic or dominant, sustaining harmonic tension.

From measure 266, the strings and piano engage in a powerful chordal exchange with clear B minor harmonic progression. Here, a tonic resolution is avoided, and the subsequent thematic recapitulation begins in E minor. This is a skillful measure. Since the original form of the theme includes a leading-tone progression in the dominant key, starting in the subdominant key results in the tonic being emphasized in the final thematic presentation.

However, true stability of the tonic key remains distant, and even in the coda, the key still floats among related keys. In the late coda, the thematic motive continues to ascend in pitch, entering a tonic cadential progression, further subdividing and intensifying, leading to the music's final climax. The piece concludes with a three-measure tonic chord.