Pink Elephants on Parade is the name of a segment, and the song played therein, from the 1941 Disney animated feature film Dumbo.

Dumbo and Timothy Mouse after accidentally become intoxicated (after drinking water spiked with champagne) and see Pink Elephants sing, dance, and play marching band instruments during a hallucination sequence.

Dumbo and Timothy Mouse wake up hungover in a tree. It is at this point that they realise that Dumbo can fly.