Interpretation
The song is centered on the idea that people get caught up in the monotony of their everyday lives and forget to focus on what is truly important. The metaphor used is that people are like marching ants in the line, "All the little ants are marching, red and black antennae waving, they all do it the same, they all do it the same way." The title of Under the Table and Dreaming is derived from the verse:
Goes to visit his mommy
She feeds him - well, his concerns, he forgets them
And remembers being small
Playing under the table and dreaming.
Read more about this topic: Ants Marching