Franz Liszt composed his Two Episodes from Lenau's Faust between 1856 and 1861. The composer intended to portray two emotionally contrasting scenes from Lenau's Faust in a set for orchestra, the first being The Night Procession and the second The Dance in the Village Inn. Liszt created a duet version of the orchestral set, and also a solo piano version of The Dance in the Village Inn, known as the Mephisto Waltz No. 1. The set was not performed together due to the immense popularity of The Dance in the Village Inn but also due to an unfortunate publication history resulting in the pieces being published separately by Schuberth publishers, published years apart from each other. As a result The Night Procession is largely forgotten today and The Dance in the Village Inn is interpreted as a single work outside of its context in a set. In this dissertation the works are examined from within its context in a set. Background information includes information on Liszt's student Robert Freund (1852-1936), and a solo piano transcription of the orchestral alternative ending to The Dance in the Village Inn. A comparison between Liszt's orchestral, solo and duet versions of the Mephisto Waltz No. 1 and the Liszt-Busoni Mephisto Waltz No. 1 is also made.