The Wanderer is a defeated, embattled warrior who survived the slaughter of his people and the destruction of his homeland. Bound by the stoic code of his pagan culture, he walks an unforgiving winter environment in exile, searching in vain for a new lord to serve. He suffers profound isolation and trauma, frequently experiencing dreams and memories of his past comrades and the communal joy of the mead hall.

The Speaker is the voice that frames the Wanderer's lament in the opening and closing stanzas. Often interpreted as a later Christian compiler or monk, this narrator contextualizes the Wanderer's bleak pagan existence. The Speaker provides a theological perspective distinct from the Wanderer's despair, viewing the ruined physical world as a temporary state.

The Lord is the Wanderer's former liege, a gold-giving prince who once provided wealth and a sense of identity to his vassals. He died in the great war that destroyed their homeland. Within the feudal structure remembered by the Wanderer, the Lord acted as a generous host in the wine halls and a central figure of community.

The Creator is the Christian deity invoked by the framing Speaker as the ultimate source of stability and mercy in a ruined world. While the Wanderer views his surroundings as driven by indifferent fate, the Creator represents the alternative path of redemptive love. The Speaker points to the Creator as the only lasting security.