The song tells the story of his attempts to calm a violent community of rappers. He speaks openly about problems with The Source magazine and its editor Benzino, as well as Murder Inc. Records, and explains the feud between Ja Rule and 50 Cent, which Eminem felt went far beyond the Jay-Z vs. Nas feud. The song finishes as Eminem offers a truce to his enemies. Like Toy Soldiers features a vocal sample from "Toy Soldiers" by Martika, which makes up the chorus. In addition, this song also brings up some issues with his ongoing feud with Ja Rule who made some remarks about Hailie, Mathers' daughter, on a song called "Loose Change". Ja Rule called Eminem's wife "a known slut" and his mother a crackhead in the song and wondered what Eminem's then 8-year-old daughter Hailie was going to be "when she grows up". "Like Toy Soldiers" was later included on Eminem's compilation album Curtain Call: The Hits in 2005.

Released in 2004, the song's video depicts Eminem's fellow D12 member Proof being gunned down in a drive-by shooting. Tragically, in the early hours of April 11, 2006, Proof was actually shot and killed at the CC nightclub on Detroit's 8 Mile Road. Cameo appearances in the video include 50 Cent, Luis Resto, Dr. Dre, Obie Trice, and D12. Deceased rappers 2Pac, Biggie Smalls, Big L, and former D12 member Bugz are also shown at the end of the music video to show the fatal consequences of rap wars.

Eminem leaves out a word in this song when referring to Dr. Dre's own feuds. From the context of someone with whom Dr. Dre had a feud, and the fact that the name must rhyme with "good," the word can be inferred to be "Suge," a reference to Suge Knight with whom Dr. Dre had problems in the mid 90's. At the Voodoo Concert in 2009, Eminem completed the line, rapping "My intentions were good, I went through my whole career without ever mentioning Suge."