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Changing Horses is the fifth album by the Scottish psychedelic folk group, the Incredible String Band (ISB), and was released in November 1969 on Elektra Records (see 1969 in music). The album saw the group continuing their use of unique instruments while integrating a standard musical structure. In addition, the album is seen as a transitional period in which the ISB shifted in musical textures, including early utilization of electric based instruments. Still, "Creation" and "White Bird" are deemed to be instrumental, and lyrical highlights of the band's music catalogue as they displayed several of the group's strengths. Changing Horses reflected upon these developments and their abstinence from the use of drugs, which did not change the group's complexity, but the structure differed from the Wee Tam album. Wee Tam, and earlier efforts, had a basis of producing compositions where the message would vary, depending on the individual's perception of it, while Changing Horses established more coherent tracks with an almost specified meaning. The album, in some sorts, is noted as the band's transitional period from psychedelic folk to British folk rock, and even early progressive rock influences. On the album's tracks, the electric guitar was involved in the proceedings. This trend came full circle for the band in recordings of the following decade. The group, despite all the changes, still held some aspects of the counter culture such as their way of communal living at their farmhouse in Pembrokeshire. As Heron later confirmed, "the album which marked our conversion, if you will, was Changing Horses". Joe Boyd, the band's longtime record producer, returned for the album. Boyd was flexible with the group's creative development, and rarely interfered with their process. His approach to the ISB's output was to allow them to decide what material appeared on the final product as Boyd, who also produced other extravagant acts like Fairport Convention and Nick Drake, encouraged unique musical compositions. Williamson later praised Boyd saying, "He used to just sort of get you in there. And if you said to him, 'Well I would like such and such' he would get it for you. But otherwise, just let you get on with it". Boyd, noticing the group's change and potential faults, attempted to intervene, but, in the end, continued allowing the band to develop their new concepts. Another major production member was John Wood, sound engineer at Sound Techniques. The studio initially included only basic recording equipment not yet able to showcase the band's full musical inventiveness. By their third album, the facilities held 16 tracks, allowing the group to overdub and jump tracks to generate their multi instrumental sound. Recording took place on an intermittent basis in between gaps in the ISB's summer touring schedule. Much of their recording was completed in Sound Techniques, except for "Big Ted", which was recorded in New York City. Lyrically, the compositions went in the same vein as earlier developments regarding perceptions and interpretations of life, religion, and mythology. That concept was altered slightly by the band's conversion to their new religion as they were consciously aware of creating effective communication. The recordings had an added sense of accessibility that served as a contrast to their more complex takes on themes in the group's previous compositions. Instrumentally, the band still utilized exotic instruments derived from eastern and African influences that were most evident on the album's two longest tracks. Complexity, too, highlighted the instrumentals though the multi tracking was not as heavily employed or necessary as on past efforts. On this album, however, Simpson was featured as playing the bass guitar on every composition that included instruments. McKechnie, for that reason, dealt with several different instruments in order to retain a presence in the studio. Two guest musicians and close associates with the ISB, Ivan Pawle and Walter Gundy, appear on the album, contributing to "Big Ted" and "Creation", respectively. Several non vinyl compositions were also produced during recording sessions. Two tracks, "Veshengro" and "All Writ Down", later appeared on the Be Glad for the Song Has No Ending soundtrack in 1971, but numerous songs have yet to be released officially.

Changing Horses was released on the Elektra label (catalogue number EKS 74057 on stereo, Y8K8 42037 on 8 track) in November 1969.

Changing Horses was reissued to the UK by Hannibal Records on its first compact disc release in 1993. The CD version included a 16 page liner note booklet, along with a complete set of lyrics for all the tracks. In September 2002, a single disc distributed by Collector's Choice Records featured the album along with the band's 1970 album, I Looked Up. Two further re releases were issued in the US and Japan on September 20, 2006.