Liszt's only arrangement undertaken from Wagner's tetralogy Der Ring des Nibelungen was Walhall, based on Das Rheingold, which premiered at the Munich Court Opera in 1869. It was completed in December 1875, when Liszt was 64, and published by Schott in Mainz in March or April of the following year, 1876. (The premiere of Der Ring des Nibelungen as a "Vorabend" (prelude) took place on August 13, 1876, at the First Bayreuth Festival, the same year Liszt's arrangement was published.)

However, the New Liszt Complete Edition points to the possibility that the undertaking or idea for this arrangement dates back to the late 1850s. The basis for this is that Liszt scholar R. C. Müller identified the manuscript paper for Walhall as dating from after 1856 (the manuscript is currently housed in the Bavarian State Library in Munich), and that Liszt had received the manuscript score of Das Rheingold from Wagner in the autumn of 1856.

Measures 1-21 of the arrangement are a fantastical orchestral interlude introducing Scene 2 of Das Rheingold. Measures 22-42 are the "Walhall motive" section (D-flat major) from measures 1-20 of Scene 2. The middle section, measures 43-58, is based on the "Sword motive" that appears in the final scene of Das Rheingold. This motive, presented in a majestic unison, first appears in C major, as in the original, and then in various keys such as E minor, B major, and G major. Subsequently, the "Walhall motive" returns (measures 59-80, D-flat major), followed by virtuosic passages and tremolos. Finally, a 7-measure postlude, uniquely added by Liszt, concludes the piece with a fortississimo (fff) volume.