Dedicated to the music writer M. D. Calvocoressi (1877-1944). Among the five pieces, it stands out somewhat, with its dance-like character prominently featured. Ravel, who had Basque ancestry, held a strong interest in Spain, leaving behind many works that evoke the country, such as the opera L'heure espagnole and the orchestral work Rapsodie espagnole. However, "Alborada del gracioso" is not merely a "Spanish-style" piece; it also reveals Ravel's keen sensitivity to harmony and rhythm.

The piece as a whole is in a clear ternary form, contrasting an A section, where decorative and melodic figures are inserted into chords that strictly mark the tempo, with a B section, where dance-like fragments are inserted into a broadly sung melody that, conversely, fluctuates in tempo. The opening of the piece features a Phrygian mode based on D, with F# and C# added. However, the tonality remains ambiguous, as F# can be interpreted as either a scale degree or an ornamental note, and C# does not function as a leading tone. Yet, as the fundamental note shifts from D to B♭ to D♭, major triads sound as tonic chords, and upon entering measure 43, a V-I progression in C-sharp minor is presented, clarifying the tonality. The A section then concludes brilliantly with a cadenza in D major. The beginning of the B section also starts with a declamatory melody in D major, extending from the previous section. However, with each inserted chord, the function of C# as a leading tone weakens (or the sharp frequently drops from C), and the music takes on an enchanting atmosphere, oscillating between major and minor modes with B as the fundamental note. Within this, a syncopated rhythm in the right hand, which blurs the metrical divisions, is contrasted with the urgent movements in the left hand, reminiscent of dance steps. In the A' section, the fundamental note shifts from E♭ to F#, leading the listener to expect a cadence in F-sharp minor. However, contrary to this expectation, measure 175 presents a progression of C#→B♭/A/G, and the music continues to shift its fundamental notes one after another while maintaining an ambiguous tonality. Only in the coda, from measure 200 onwards, does it finally return to A (the dominant of D) → D (as at the beginning). Finally, the tonic chord of D major is played resoundingly, bringing the piece to a brilliant conclusion.