I've heard so many people ask what "that" is and I've never understood why it is so confusing.  He literally says what "that" is in the song.  "But I'll never forget the way you feel right now, oh no.  No way.  And I would do anything for love, but I won't do that."  "But I'll never forgive myself if we don't go all the way, tonight.  And I would do anything for love, but I won't do that."  "But I'll never do it better than I do with you, so long.  So long.  And I would do anything for love, but I won't do that."  Right before each iteration of "But I won't do that" he says exactly what it is he'll never do.

Another song of Meatloaf's that is criminally underrated and doesn't get enough love, Objects in the Rearview Mirror May Appear Closer Than They Are.  It is epic, beautiful and sad.  A great song that not enough people react to.

This song is a lithmus test for who actually listens to lyrics. It might take a couple of listens to listen past the magnificence of Meatloaf's vouce and the music to actually hear the lyrics. What he will and won't do for love is clearly stated in the preceding lines of each chorus.

We should never forget the amazing Jim Steinman, author of this and many other hits for Meat Loaf and other artists. A true master of songwriting.

He won't leave or mess around.  He finds love and transform from beast to human

His song "2 out of 3 Ain't Bad" really showcases his voice, and the lyrics are great!

It’s beauty and the beast. The last thing he says before the chorus is what he won’t do. Meatloaf never thought people would be confused.

The female singer is Lorraine Crosby from Northern England, who was at the studio to record in her own right. I believe Meat's singer failed to turn up and she was asked to step in. Lorraine usually records under the name "Mrs Loud", and  is a very underappreciated talent, she has performed often with another iconic British vocalist Bonnie Tyler, who had a series of hits in the US in the eighties. One of the biggest was "holding out for a hero".

Like her, my family listened to Meatloaf, Abba, Johnny Cash, and The Judd's on long car rides but the songs never got old and we loved singing them together

The song's writer, Jim Steinman, called it a "Beauty And The Beast" kind of story. As for the meaning, he explained on his website: "What he 'won't do' is said about six times in the song very specifically. It's sort of is a little puzzle and I guess it goes by - but they're all great things. 'I won't stop doing beautiful things and I won't do bad things.' It's very noble. I'm very proud of that song because it's very much like out of the world of Excalibur. To me, it's like Sir Lancelot or something - very noble and chivalrous. That's my favorite song on the record - it's very ambitious."
The album version runs 12:01, with the radio edit cut down to 5:13. The version in the video runs 7:41.

He is a master of lyrics, and his videos are terrific. Watch "Objects in the rearview mirror appear closer than they are." His life story growing up and losing his best friend young, living with an abusive alcoholic father, and his first love. It's like a cinema movie and terrific. Don't wait!

There is a video of Meat Loaf explaining to people what "That" is because its confused so many people over the years.  He says,  "The  that is whatever line comes before the chorus."   So for example...  "But I'll never stop dreaming of you every night of my life..."  ---  Then the chorus hits,  so  the  thing he won't do is  to stop dreaming of her.    That's just one example.  Another is  "Sooner or later you'll be screwing around"  followed by I won't do that.     Anyway,  that's just how Meat Loaf explained it,  but even in that video...  There are several comments from people still confused,  so  I think it is up to interpretation for the listener.

Anyway,  great reaction!!  Meat Loaf will always be one of my favorites,  so it was a lot of fun watching you react to this.  Hopefully there will be more reactions to him to come!

The lyrics lay out what the chorus is referring to. Every verse says things he will do and things he will never do, and then the chorus reaffirms it by saying "I would do anything for love but I won't do that.

He tells you each time what he won't do. The first one is that he will never forget how she feels right then. On each verse he tells you what he won't ever do.

Two Out of Three Ain't Bad should be your next Meatloaf song. Another epic story told in music and verse.

What he won't do for love is what is said after each verse. This is kind of the way he explained it in VH1's Storytellers. Also, kudos to Jim Steinman, who wrote this whole album and the first Bat Out Of Hell album. If you look up the name Jim Steinman you'll see all the great songs he wrote for other 80's bands.

“That” is loving her. He won’t stop. It mentions a few things he won’t do in lyrics but that’s the gist.

I dunno if people are voting but I cast my vote for you to listen to the entire album version for the simple fact the female vocalist gets a lot more singing time and it's totally worth hearing her more!

My interpretation of this song has always been along the lines of a man wishing to be loved. A hopeless romantic who keeps searching for that one love of their life, that special someone they wish to spend every day with. The phrase "I won't do that" is used to convey that he won't do what the other guys have done to the lady he's interested in, such as leave her for another or treat her like a one night stand. Personally, I feel this song is sort of an anthem to all the lonely guys out there who wish for love and not just a hookup, and who feel sort of like an ugly beast due to endless rejections.

Meatloaf was obsessed with theater in high school and wanted to sing and be on Broadway. It’s makes more sense knowing that and seeing his videos and live performances