A charming and lesser-known keyboard piece by Franz Schubert. It displays his signature gift for song-like melody combined with the balanced structure of the early 19th century.
The main challenge is achieving an even, song-like touch in the right hand.
Ballade(Op.126) (D.134) is rated Henle level 4 of 9 — intermediate repertoire, roughly ABRSM grades 5–6. In the RCM system it corresponds to about level 5.
You should be comfortable at Henle level 4 — meaning you can already play level 3–4 pieces cleanly. Learning it one level early is possible as a stretch piece, but more than that usually leads to months of frustration.
A typical performance of Ballade(Op.126) (D.134) lasts about 3 minutes.
Ballade(Op.126) (D.134) is available as free public-domain sheet music on IMSLP — the score is linked directly from this page.