The narrative centers on the tragic cycle of the Völsung family, ignited by the curse of the gold of Andvari and the subsequent betrayal of the hero Sigurd. Sigurd, a dragon-slayer of immense renown, finds his fate inextricably bound to the Valkyrie Brynhild and the royal house of the Niflungs. As he navigates a world governed by ancient oaths, divine interference, and the inevitability of doom, he faces the machinations of those who covet his power and his life. The work utilizes a rigorous alliterative verse form to reconstruct the legendary Germanic myths, presenting a stark, fatalistic vision of heroism in the face of certain destruction.

This work is regarded as a significant contribution to the study of Tolkien's creative influences and his engagement with Northern European mythology. Readers and critics often highlight the technical precision of the alliterative verse, noting how it captures the somber, heroic tone of the original sagas. The inclusion of Christopher Tolkien's editorial notes provides a necessary framework for understanding the development of these poems within the author's broader body of work. While the subject matter is dense and rooted in archaic forms, the text is frequently praised for its ability to breathe new life into ancient legends through a distinct, modern literary lens.