While the political structure of feudalism forms the backdrop of the story, the novel's central "message" can be interpreted as a critique of that way of life. A significant example of this criticism is aimed at King Richard, often hailed as one of England's most heroic and beloved rulers, yet his actions are intensely examined. Even Ivanhoe, who isn't known for being particularly cautious or wise, is startled by the king's conduct: "Your kingdom is threatened with dissolution and civil war—your subjects menaced with every species of evil—why, oh why, noble Prince, will you thus vex the hearts of your faithful servants, and expose your life by lonely journeys and rash adventures."

This critique of the king's recklessness underscores Scott's understanding of the dangers posed by irresponsible behavior, especially from those with substantial responsibilities—such as a nation and its citizens. Although the chivalric ideal is embodied by many admirable characters in the story, Scott reveals it to be fundamentally flawed. This adherence to chivalry is depicted as a historical necessity, considering the era in which the novel is set.

On the other hand, certain aspects of the chivalric code are depicted favorably in the novel. Beyond the generally honorable actions of many characters (excluding the leading Normans, who are portrayed as little more than modern-day gangsters), two notable examples of the positive aspects of feudalism are Cedric's servants, Gurth and Wamba. Despite their humble and occasionally erratic behavior (especially Wamba), their loyalty, courage, and Wamba's cleverness in assisting their master are praiseworthy. Cedric's appreciation for their loyalty makes him appear more compassionate, especially when contrasted with his attitude toward his son, Wilfred. Thus, the ancient customs are shown to have both positive and negative sides, and it would be a serious misinterpretation to see the novel as a romantic endorsement of chivalry.

The theme of love is a prominent element in the book. Gurth and Wamba show devotion to their master, Cedric; Ivanhoe cherishes his homeland and his estranged father, also named Cedric; Ivanhoe has deep feelings for Rowena; Rebecca is in love with Ivanhoe; and Richard cares deeply for his people. The text strongly highlights these diverse forms and expressions of love. One particularly poignant example is Isaac's affection for his daughter. These displays of noble sentiment stand in stark contrast to the cruelty of the villains, including several Knights Templars—Scott's negative view of these orders is clear. This contrast creates the novel's central conflict.