The title track of the singer's latest album The Diving Board takes a look at the dark side of fame, and the Rocket Man admits many fans might think the song is about his own personal struggles with drugs and life in the spotlight.
However, the singer has now revealed the track is inspired by two troubled former child stars - Lohan, who has been in and out of jail and rehab over the years, and Bieber, who is a regular in the headlines over his bad boy antics.
Sir Elton tells Britain's Event magazine, "(You might think it's about me) the drugs, the excesses, the millions on flowers, the tantrums, the outfits and the glasses... But it isn't. It's about Lindsay Lohan, Justin, all these kids who are out there now not knowing what the hell is going on.
"I hate to think of Lindsay because she had a talent, she was a great actress, and then it became all about the madness, the parties and everyone forgets about what put them there in the first place. They get lost in the idea that they are famous for who they are, not what they are. I feel sorry for these kids... I worry that these kids will just get swallowed up."