Hello TheCoddfish,
Thank you for using Apple Support Communities!
So it sounds like you have a preorder you would like to download, but it is not downloading, or you dont have the option to download it.
Without knowing what the preorder was, and if it is released, I found this article named iTunes Store: About Pre-orders found here http://support.apple.com/kb/HT5714.
This part in particular:
When a pre-order item becomes available, you will receive an email letting you know your pre-order is available for download.
If you've enabled iTunes to automatically download prepurchased content, then your pre-order content may already be downloaded to your library. If not, simply click the download link provided within your email notification, and your pre-order content will begin to download. Alternatively you can use the "Check for Available Downloads" feature in iTunes on your computer by choosing Store > Check for Available Downloads to begin downloading your pre-order.
- Choose Store > View My Appie ID, then click Manage Pre-orders, which located in the Settings section at the bottom of the Account Information screen in iTunes on your computer.

- From the Mange Pre-orders screen, click the Cancel button to the right of the pre-order item you would like to cancel. You'll be asked to confirm your pre-order cancellation.

If the album is released and you still cannot download it, I would report the issue directly to the iTunes Store support.
How to report an issue with your iTunes Store, App Store, Mac App Store, or iBooks Store purchase
http://support.apple.com/kb/ht1933
All the best,
Sterling