Hit It by the (English) Beat
Pink Thing by XTC is about masturbation. Or a baby (yeah, riiiiight).
Billy Squire brought us “The Stroke”
It’s Only Me (The Wizard of Magicland) by Barenaked Ladies:
They say you’ll never love another 'til you love yourself,
Well, brother, I’m in love with everyone I see…
The song begins with a low, gutteral grunt, and ends with a rather orgasmic “Ohhhhhhh yeaaaaah!” 
Triple J’s greatest self love songs of all time…
An Australian radio station did a program on this.
Here’s their playlist: http://www.abc.net.au/triplej/jfiles/files/s235157.htm
One of the first, and the best:
Chuck Berry’s “My Ding-A-Ling”
And those of you who will not sing, you must be playing with your own ding-a-ling.
Jellyfish’s “My Best Friend”.
[Since no one has mentioned Whitney Houston’s “The Greatest Love Of All,” am I correct in surmising that that song is merely about narcissism and not masturbation per se?]
The whole song isn’t about masterbation, but Alanis Morrisette’s Forgiven has the line My brothers, they never went blind for what they did but I may as well have.
Yeah, but it’s not about masturbation. It’s about being “stroked” by the music industry.
It is? I always thought it was about a deranged stalker fan.
But I’d like to add “The Secret Song (All By Myself)” by Green Day.
I’ve seen this mentioned before, and it was on the link provided by gex gex and IcicleFuzz, but how is “Close to Me” about masturbation?
Disco Boy - Frank Zappa. It’s not about jerking off, but it does mention the character of the song doint it, and had the chorus “jerk it”.
Tweets “Oops [Oh My]”
I had heard this song on the radio dozens of times, and never paid too much attention to it until my 6-year-old niece was in the car with me and she started singing. It’s got a catchy beat, but it’s definitely not for kids.
Tweet says that she meant her lyric about, “I was lookin’ so good I had to touch myself” to mean that she had to make sure she was real…but I’m not buying it.
Billy Joel’s “Captain Jack,” if not about masturbation, at least mentions it.
The Beatles’ “Penny Lane” makes reference:
“And in his pocket is a portrait of the queen.
He like to keep his fire engine clean,
It’s a clean machine.”
Happy
in “Darling Nicky” by Prince she was masterbating with a magazine
Could be about masterbating but i think “Strokin” By Clarence Carter would be a nice addition to this cd
Can I suggest a title
The Spank Tank Volume 1
Songs about and inspired by masterbation
The Undertones: “Teenage Kicks”.
In My Room, by The Beach Boys.