Musical depth, which encompasses the intellectual and emotional complexity of music, is a robust dimension that influences music preference. However, there remains a dearth of research exploring the relationship between lyrics and musical depth. This study addressed this gap by analyzing linguistic inquiry and word count‐based lyric features extracted from a comprehensive dataset of 2372 Chinese songs. Correlation analysis and machine learning techniques revealed compelling connections between musical depth and various lyric features, such as the usage frequency of emotion words, time words, and insight words. To further investigate these relationships, prediction models for musical depth were constructed using a combination of audio and lyric features as inputs. The results demonstrated that the random forest regressions (RFR) that integrated both audio and lyric features yielded superior prediction performance compared to those relying solely on lyric inputs. Notably, when assessing the feature importance to interpret the RFR models, it became evident that audio features played a decisive role in predicting musical depth. This finding highlights the paramount significance of melody over lyrics in effectively conveying the intricacies of musical depth.