The US frontman spoke about the song in a new book by Alan Light, titled The Holy or the Broken: Leonard Cohen, Jeff Buckley, and the Unlikely Ascent of 'Hallelujah'.
The classic 1984 song has been covered many times by other artists, perhaps most notably by the late Jeff Buckley.
Regina Spektor also spoke about her love for the song in the book, saying: "This song is pretty much indestructible."
Patrick Stump of Fall Out Boy added: "The song keeps coming up, and every time it's like it's brand new. It sounds new every time you hear it."
Speaking about the book, Light told The Hollywood Reporter: "I attempt to explore the unprecedented path of this song - a protracted snowball effect that, over the course of several decades, has turned 'Hallelujah' into one of the most loved, most performed and most misunderstood compositions of all time.
He added: "Cohen's simple, indelible melody and striking, ambiguous words - a mesmerising synthesis of prayer and sexuality - combined with the irresistible force of that universal, one-word chorus add up to a song that is able to serve as a celebration and a lament, a versatile symbol of triumph and sorrow, heartbreak and wisdom."
Bono, Willie Nelson, Rufus Wainwright, Imogen Heap, John Cale and X Factor winner Alexandra Burke are also among artists who have covered 'Hallelujah' in the past.
Leonard Cohen will perform a one-off show in the UK at London's O2 arena on June 21.
Watch Jeff Buckley's 'Hallelujah' below: