The novel's epigraph, “The victor belongs to the spoils,” which rephrases Anthony Patch's advice to a friend, sets the tone and thematic course of the narrative. While the novel contains a range of themes, it is widely agreed that it offers a critique of American society and, to a certain degree, life in general. The book's somber atmosphere underscores the grave, nearly tragic depiction of the squandered lives of the central characters: Anthony Patch and his wife, Gloria Gilbert Patch.

A prominent theme that has generated some discussion among critics is the rebellion of youth against the established order. When initially published in serial form in The Metropolitan Magazine, the subtitle, likely created or approved by Fitzgerald, was “A Searching Novel of the Revolt of American Youth.” Some readers question what Anthony and Gloria are truly rebelling against with their self-destructive actions, but their defiance against the society they inhabit (even as they exploit it for their own gain) is unmistakable.

The text often provides ironic commentary on the workings of American society, and given that the story unfolds over the turbulent era from about 1910 to 1920, their resistance seems somewhat warranted. Capitalism, personified by Anthony’s wealthy grandfather, Adam Patch, faces particular criticism. Both the rebellious grandson, who rejects his grandfather’s moralistic views, and the author, who satirizes Adam's grand ambitions, challenge this system.

Opinions differ on the theme of life's meaninglessness. Some readers contend that Fitzgerald didn't fully adopt this pessimistic perspective. For instance, the character Richard Caramel, who is often seen as a reflection of the author, claims near the novel's conclusion that he believes in "moral values." Nevertheless, there's substantial evidence indicating that the main characters either sincerely view life as meaningless—Gloria explicitly voices this belief at one point—or use this notion as a justification for living aimless lives. It is suggested that the term "Damned" in the title signifies Fitzgerald's view that such people are spiritually "lost."

At first, Anthony and Gloria are part of "high society," but their carelessness and lethargy lead to their eventual downfall. Some readings of the novel argue that it criticizes the reckless and self-centered people who inhabit the upper social classes. The lavish parties and excessive indulgences of the crowd Anthony and Gloria mingle with reinforce this view.

A recurring theme throughout the text is the almost reverential attitude towards youth. Almost every main character fears reaching the age of thirty. For example, Maury Noble, who starts as a close friend of Anthony, expresses his dismay at growing older as he is merely three years away from this feared milestone. The unfortunate outcome, emphasized towards the book's conclusion, is that youth has been wasted. Numerous scholars have observed Fitzgerald's fixation on time and its rapid passage; this novel underscores that idea. It is difficult to determine if the author sympathizes with his protagonists or ridicules them, but the message is unmistakable: time not used productively (such as an author crafting significant work) is sadly squandered. At one point, Fitzgerald names a subsection about Anthony's laziness "Nor Does He Spin," reflecting the author's critical view of his "hero" and heightening the sense of looming disaster that many readers detect in the story.

Another key theme is the corrupting power of inherited wealth. Anthony indulges in an extravagant lifestyle funded by his mother's inheritance and marries with the hope that his affluent grandfather will leave him a substantial fortune. This expectation encourages irresponsible actions, poor choices, and laziness, marked by heavy drinking, constant partying, and ultimately, the decline of both Anthony and Gloria, who focuses her life on beauty...

At first glance, The Beautiful and Damned presents itself as a narrative centered on failure, but it more profoundly delves into the pervasive atmosphere that encapsulates such failure. Throughout the novel, Anthony and Gloria find themselves suffocated by the stifling and oppressive environment that mirrors their internal struggles. They continuously attempt to break free, moving from their apartment to their summer house, from one party to another, in a futile effort to escape their own emotions and the pervasive sense of frustration. Alcohol becomes their refuge, a temporary escape from the despair and defeat that envelops them like an ever-tightening shroud. The story thus unfolds less as a sequence of events and more as an exploration of the intangible atmosphere that defines and drives their actions."

Fitzgerald's novel reveals a complex interplay of ambivalence that blunts its impact. Anthony, the protagonist, oscillates between two portrayals: one as an admonitory figure symbolizing a generation adrift without purpose, and another as a sympathetic character who refuses to compromise with a world that is both harsh and deceptive. This duality in Anthony's characterization results in a fluctuating focus of criticism throughout the narrative. Ultimately, the story evokes empathy for Anthony and Gloria, not through the weight of their tragic downfall, but through the poignant moments of their lives. This shift in emphasis tends to undercut the moral message intended by the novel, as the sentiment underpinning their journey lacks the strength needed to convey a clear moral directive.