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, seeks to secure her place among the elite by manipulating those around her. She faces opposition from the entrenched aristocracy and the moral expectations of the era, which demand conformity and propriety. The story unfolds through a third-person omniscient narrator who frequently interrupts the action to provide cynical commentary on the characters' motivations and the vanity of the world they inhabit.

Discussion often centers on the effectiveness of Thackeray's satirical voice and his refusal to provide a traditional moral center for the narrative. Readers frequently highlight the sharp contrast between the opportunistic Becky Sharp and the passive Amelia Sedley as a primary engine for the book's thematic depth. Critics often note that the pacing is deliberate, reflecting the sprawling nature of the social landscape the author intends to critique. The work remains a frequent subject of analysis regarding its commentary on the ethics of ambition and the performative nature of Victorian social life. Many readers find the narrator's constant interjections to be a defining feature that distinguishes the work from other novels of the period.