The Speaker is the narrator of the sonnet sequence, experiencing deep emotional turmoil over an absent lover. Suffering from depression during the waking hours, the Speaker views daily life as empty and meaningless. To cope with the pain of separation, the Speaker retreats into a dreamworld where reunion with the beloved feels real, actively choosing to ignore the lover's flaws.

The Fair Youth is a beautiful young man who serves as the primary object of the Speaker's affection. Although physically absent during the day, he dominates the Speaker's thoughts and nighttime visions. He possesses a captivating brightness that metaphorically outshines the sun, though his real-world actions are marked by infidelity.

The Dark Lady is the Speaker's mistress and the focus of the later sonnets in the collection. She represents a complex figure in the Speaker's life, generating feelings of intense desire. Her romantic involvement with the Fair Youth shatters the primary social circle, driving the emotional sorrow present in the poems.

The Rival Poet is a competing writer who attempts to usurp the Speaker's position. This poet directs verses and praise toward the Fair Youth, hoping to win favor and affection. The Rival Poet's presence adds professional anxiety to the Speaker's already fragile state of mind.