"The Loveliest Night of the Year" is a popular song.
The music was first published as a waltz called "Sobre las olas" ("Over the Waves") in 1888 written by Juventino P. Rosas. In 1950 the music was adapted by Irving Aaronson with lyrics by Paul Francis Webster for the movie The Great Caruso. It was sung by Mario Lanza and became one of the most popular songs of 1951 reaching No 3 in the US Billboard Charts.
The song was recorded in 2008 by Australian singer Alfio for his album Classic Rewinds, which plays tribute to Mario Lanza and 14 other popular Italian-American singers.
The instrumental version of the song is often associated with magicians performing their "magical tricks" and is played in the background, especially in cartoons. It is so commonly associated as to be iconic although few people know it by its real name.