I’ve arranged the guitar chords in this version in the key of D which allows for the use of some open string bass notes. The tune follows the structure of A A B A. If you’re unsure of any of the chords, go to my It’s Only A Paper Moon Guitar Lesson Chord Chart where you will find standard chord fingerings.
The best way to learn a song is to begin by learning the melody and the lyrics. For a great vocal version of the tune, check out
Nat “King” Cole in the Suggested Listening section.