"Waterloo" is a song recorded by Swedish pop group ABBA, with music composed by Benny Andersson and Björn Ulvaeus and lyrics written by Stikkan Anderson. It is first single of the group's second album of the same name, and their first under the Atlantic label in the United States. This was also the first single to be credited to the group performing under the name ABBA. The title and lyrics reference the 1815 Battle of Waterloo, and use it as a metaphor for a romantic relationship. The Swedish version of the single was backed with the Swedish version of "Honey, Honey", while the English version featured "Watch Out" on the B-side.

Sweden has participated in the Eurovision Song Contest 62 times since making its debut in 1958, missing only three contests since then. Since 1959, the Swedish entry has been chosen through an annual televised competition, known since 1967 as Melodifestivalen. At the 1997 contest, Sweden was one of the first five countries to adopt televoting. Sweden has hosted the contest seven times: three times in Stockholm, three times in Malmö and once in Gothenburg (1985).