Schubert's Trio in E flat is the second of his two piano trios, and was composed in 1827 during the greatest musical period of his life. Ironically, this period came after Schubert was diagnosed with Syphilis (1823) – a diagnosis equivalent to a death sentence. This trio was composed at the request of a close friend, Josef von Spaun, for Spaun's wedding. Despite only several weeks between the composition of his two piano trios, they stand in contrast to each other, and there is some evidence to suggest that Schubert himself preferred the second one.

The four movement work begins with a sonata movement comprising a surprising shift to the distant key of B minor. The second movement, andante con moto, is a march-like Swedish folk song whose theme is carried throughout the movement. The scherzo is an Austrian country dance with fading imitation and emulation, and the finale employs the pioneering technique of bringing back the main theme of the 2nd movement - a technique many later Romantic composers were to use.