The main character and protagonist in Captain's Courageous is Harvey Cheyne. Harvey is a wealthy and spoiled boy, who learns lessons surrounding humility, hard work, and empathy throughout the story.

We briefly meet some of the crew members of the ocean liner on which Harvey was originally a passenger, but they do not play a significant role in the story. Most of the other characters we meet in Captains Courageous are the crew of the fishing boat We're Here that rescues Harvey after he falls overboard.

Disko Troop is the owner and captain of the fishing boat We're Here. He is a no-nonsense sort of skipper who suffers no insolence from Harvey. He expects hard work from his crew and commands their deepest respect and admiration. He's also an expert at finding the fishing grounds. As his son says of him, "Dad, he’d find fish in a graveyard." By the end of the story, he has come to respect Harvey.

Dan Troop, Disko's son, is about Harvey's age. He and Harvey become close friends during their time together at sea. Throughout their time together, Dan instructs Harvey on how to live and work aboard the boat.

Mr. Cheyne is Harvey's millionaire father. We meet him toward the end of the story when Harvey is returned to him. He is very grateful for the life lessons that Harvey has learned thanks to the efforts of the Troops.

There are other minor characters throughout the story, namely the rest of the crew aboard We're Here. They include the cook (the only character other than Dan who believes Harvey's story), Long Jack, Pennsylvania, Salters, and Manuel.

The central characters of Rudyard Kipling's novel Captains Courageous are the Cheynes and the Troops. Harvey Cheyne is the protagonist, the son of a millionaire who is washed overboard and rescued by the schooner We're Here. His father is Mr. Cheyne, a wealthy ship owner. The Troops are Dan Troop, the son of the schooner's skipper who befriends Harvey and is one of the few on board who believes Harvey is who he claims to be. Dan's father is Disko Troop, the skipper of We're Here, who at first is unhappy about having Harvey on board but comes to respect him. The other characters are the crew of We're Here: Long Jack, Manuel (the one who actually rescues Harvey from the sea), Salters, Pennsylvania, and the Cook.