The autograph manuscript of this arrangement, currently housed in the Library of Congress in Washington D.C., bears the date "January 2, 1872" (call number: ML96. L58). As Wagner's Der fliegende Holländer premiered in Dresden on January 2, 1843, Liszt completed the "Ballade" from Der fliegende Holländer on a significant day exactly 29 years after the original's premiere, whether by coincidence or intention. (Liszt himself successfully staged a complete performance of Der fliegende Holländer on February 16, 1853, during his time as Kapellmeister at the Weimar court.)

This arrangement was then published by Fürstner in Berlin, the same publisher as Wagner's original work, around April of the following year, 1873. Subsequently, two reprint editions were issued between 1884 and 1892, and it was also published by Lucca in Milan between 1873 and 1888.

Liszt begins not with the open fifth interval or the "Dutchman's motif" found in the original, but with a minor second interval motif in the prelude, reminiscent of the "sailors' cries" (Ho, He, Ho, He) from Act 1, Scene 1 (m. 285ff.). This is followed by the G minor Ballade sung by Senta (soprano), the captain's daughter, from Act 2, Scene 4. Liszt introduces subtle differences from the original, such as adding dots (dotted rhythms) to Senta's main melody. Furthermore, Liszt's use of the "Dutchman's motif" interval instead of the original's "Jo ho he" octave ascent is also based on his own judgment.

However, the most significant difference between Liszt's "Ballade" and the original lies in the substantially expanded coda. While the original merely repeats B-flat major twice, Liszt develops a bold modulation from B-flat major to D-flat major, E major, and then returns to B-flat major via chromaticism, treating the original with complete freedom and culminating in a brilliant climax. (The modulation from B-flat to D-flat to E to B-flat is based on intervals of a minor third, augmented second, and diminished fifth, respectively, meaning it has a certain regularity of 3 semitones → 3 semitones → 6 semitones (3 semitones × 2).)