The 60-second ad features different sequences of events involving wrapping presents. One includes parents sneaking in a big toy horse while their children watch TV, while another one features a man trying to wrap a bag in a library for his girlfriend before she turns up.
The 60-second spot will be followed up by two 30-second variations of the original ad.
Sidney Rogers and Harry Bugden created the ad, which will be shown during 'The X Factor' ad break on Saturday. The production company was Partizan, and the ad was directed by Eric Lynne and produced by Russell Curtis.
The new version of the track performed by Brit Award winner Goulding was produced in collaboration with Ben Lovett from Mumford and Sons. Media planning and buying is through Manning Gottlieb OMD.
Aiming to build on the success of its recent campaigns such as Never Knowingly Undersold, the ad includes the strapline, "For those who care about showing they care," and will run for five weeks.
It will be supported by catalogues, in-store and online marketing, including a significant push on the retailer’s social media channels.
Craig Inglis, John Lewis director of marketing, said: "At John Lewis, we make buying the perfect gift that bit easier but the challenge then comes in adding the personal touch and keeping gifts secret to preserve the surprise of Christmas.
"We all have our well worn rituals at this time of year and we wanted to bring them to life in this campaign."
James Murphy, Adam & Eve founding partner, said: "We were briefed to create a behind-the-scenes Christmas, showing the thoughtfulness behind present buying and giving.
"Ellie's rendition of 'Your Song' really encapsulates the thought process behind Christmas and the consideration people take for each other unique to this time of year.
"We have also significantly chosen to harness British musical talent to complement John Lewis as an established British brand in the campaign."