The narrative follows the social ascent of the cunning Becky Sharp as she navigates the rigid class structures of 19th-century British society. Becky Sharp, a woman of limited means but immense ambition, attempts to climb the social ladder through manipulation and wit, often at the expense of her naive friend Amelia Sedley. Her path is obstructed by the entrenched snobbery of the aristocracy and the shifting fortunes of the Napoleonic Wars. The novel employs a third-person omniscient narrator who frequently interrupts the action to offer cynical commentary on the characters' moral failings and the absurdity of their social aspirations.

This work is widely regarded as a foundational text of Victorian satire, noted for its sharp critique of social artifice and human vanity. Critics often highlight Thackeray's ability to maintain a detached, ironic distance from his characters, which prevents the narrative from descending into melodrama. Readers frequently observe that the lack of a traditional hero forces a deeper engagement with the flawed, often unlikable motivations of the cast. The novel remains a standard reference point for discussions on the limitations of social mobility and the performative nature of class identity in the nineteenth century.