The speaker is a male voice reflecting on the cycle of sexual desire and consummation. He takes a severe approach to his own physical urges, viewing the pursuit of lust as an irrational madness that leads directly to shame and regret. Despite understanding the destructive nature of these desires, he admits a complete inability to stop participating in the endless cycle of temptation and disgust.

The Dark Lady is the mistress of the speaker and the primary focus of the final twenty-five sonnets. She possesses physical traits that contrast with the pale beauty standards prized by Tudor culture, including dark skin and ordinary breath. She commands an intense, volatile attraction from the speaker, grounding their connection in physical reality rather than romantic idealism.

The Fair Youth is an idealized young man who receives the speaker's admiration in the earlier poems. He possesses an angelic appearance and youthfulness that set the standard for traditional, unrequited love poetry. As the sequence progresses, his presence creates a complicated triangle with the speaker's new mistress.