The song tells the story of a failed relationship from the perspective of the singer. In 3 sentences:
The singer describes being naive and getting lost in her ex-partner's eyes, believing his lies and not realizing she wasn't truly loved. She has since woken up to the reality that he didn't treat her as a princess and it wasn't a fairy tale. The singer says it's too late for her ex and his "white horse" to come around and win her back, as she has moved on from the small town and relationship.