Following the preceding work, Variations on 'God Save the King,' WoO 78, this is another set of variations based on an English song. The theme is derived from the masque Alfred (1740) by the English theatrical composer Thomas Augustine Arne. 'Rule, Britannia' signifies 'Rule, Britain,' which similarly expresses praise for Britain.

The genesis of this work, similar to its predecessor, was likely prompted by Beethoven's association with George Thomson, who collected and published English folk songs. Indeed, at Thomson's subsequent request, Beethoven arranged numerous English folk songs. Furthermore, Beethoven incorporated this melody into Wellington's Victory as a symbol of Britain.

While the variations in its sister work, WoO 78, relatively preserved the thematic melody, this composition presents a series of free variations through the extensive use of scales and arpeggios, while loosely adhering to the harmonic framework. The fact that the meter changes as early as the first variation, thereby obscuring the sound of the theme, indicates that this work deviates from conservative tendencies.