Carousel has been released in two different versions - the first version is on their demo Buddha, and the other is on their debut album Cheshire Cat.

The original version of the song has been used by blink-182 more often than the second in live shows. Bassist Mark Hoppus usually played the intro sitting down when on stage. The main difference between the versions is the beginning: the Buddha-version begins with a solo bass line, which speeds up into the song, and the Cheshire Cat-version starts with a full band intro and then goes into the bass solo. During live performances of the song, blink-182 is known for replacing the third, "I guess it's just another" in the chorus with, "I had sex with your mother", the most well known version with the mother line being featured on their live album The Mark, Tom and Travis Show (The Enema Strikes Back!).

Ever since the 2009 reunion, blink-182 plays an instrumental with a slow bass line that matches the bass in Carousel before going into the song.