In Shakespeare's sonnets, there are no "characters" as typically understood in literary analysis. None of the individuals mentioned or referenced in the sequence is given a proper name. Details about their physical traits or demeanor are notably few. For convenience, many modern commentators have adopted some of the designations used here, but these names do not actually appear in the sonnets.

The Poet: This term refers to the speaker of the sonnets, distinct from the man who authored them. The Poet is a multifaceted and contradictory figure. He seems generous and long-suffering, even self-effacing, yet he also exhibits anger and pride. The Poet describes himself as older than his friend and mistress but provides few clues about his actual age. Additionally, he calls himself a liar, casting doubt on his reliability as a narrator. This is significant because it is only through the Poet that we learn about the other figures in the sonnets. (See The Poet in the Character Analysis section)

The Friend: He is depicted as younger than the Poet, of higher or aristocratic status, and unmarried. The Poet describes him as exceptionally beautiful, with his inner virtues sometimes matching his outward appearance. However, at other times, he appears cold, narcissistic, and morally questionable. He occasionally reciprocates the Poet's love but is also accused of having a sexual relationship with a woman, possibly the Poet's mistress. (See The Friend in the Character Analysis section)

The Dark Lady: She is explicitly called "dark" only once, but it seems she has dark hair and eyes. Her social rank or status is unspecified. She might be a married woman, although the Poet refers to her as his "mistress." He alternates between describing her as unattractive and beautiful, and characterizes her as sensual, domineering, and playful. He also accuses her of betraying him by seducing his young friend. (See The Dark Lady in the Character Analysis section)

The Rival Poet(s): Sonnets 21, 78-80, and 82-86 mention a competitor or competitors for the Friend's favor and patronage. The Poet describes his rival(s)' verses as more elaborate and artificial than his own, and he views them as a threat to his relationship with the Friend.

The Poet
Most critics from the late twentieth century argue that the Poet is the central figure and main focus of the sonnets. They believe the sequence portrays a mind torn by conflicting thoughts and emotions as the speaker grapples with fundamental human issues: love and friendship, birth and death, self-awareness and self-deception, sin and virtue, the unpredictability of fate, and the passage of time. Many critics see the Poet as someone who often misjudges both himself and the Friend. Some suggest he deliberately avoids confronting the truth about the young man's character and actions—either because he continues to love the youth or because he refuses to recognize the harmful impact of their relationship on himself. Most agree that the sonnets depict a man striving to understand his life and bring order to his chaos.

Many scholars have examined what they perceive as the Poet's moral, ethical, or intellectual confusion. They emphasize the dilemma he faces in remaining loyal to a beloved who has proven unfaithful. They note that he appears to be both generous and self-serving. They highlight the contrast between moments when he proudly asserts the power of his poetry and those when he expresses serious doubts about the value of art and the worth of his own work. These inconsistencies have been explained in various ways. Some scholars suggest that if the sonnets were reordered, the Poet's mental progression would appear more linear rather than fluctuating. Others attribute his oscillation between confidence and doubt to the differences in age and social status between the Poet and the Friend. Still others see it as a realistic depiction of a man torn between attraction and repulsion for his beloved.

Many critics criticize what they perceive as the Poet's subservient attitude toward the Friend. Others condemn his relationship with the Dark Lady, noting that the Poet seems unable to escape a relationship he finds degrading. The Poet's passivity or reluctance to take action is frequently observed. To some critics, he appears trapped in reflection, plagued by fears and anxieties. Several commentators note that the Poet repeatedly calls himself a liar—though some argue that he is the primary victim of his dishonesty. In this context, many critics caution that since the Poet portrays himself as an unreliable narrator, we should not assume that his accounts of the Friend and the Dark Lady are necessarily true or accurate. Indeed, his descriptions of other characters in the sequence may reveal as much about himself as about those he describes.

The Friend
Commentary on the Friend combines biographical speculation with literary analysis. For centuries, scholars have tried to identify a specific person who might have inspired the young man in Shakespeare's sonnets. Many investigations start with the mysterious dedication in the 1609 edition of the poems to "Mr. W. H.," referred to as "the only begetter of these ensuing sonnets." Some researchers argue that "begetter" means "Mr. W. H." provided the publisher with the sonnets' text. Others contend that "Mr. W. H." refers to the youth who inspired the poems. Over time, numerous candidates have been suggested, with Henry Wriothesley, Earl of Southampton (1573-1624), and William Herbert, Earl of Pembroke (1580-1630), being the most prominent. Most late twentieth-century scholars believe the question of who "begat" the sonnets will never be definitively answered and consider it irrelevant. Instead, they focus on the portrayal of the Friend provided by the Poet. It is crucial to remember, they note, that our only perspective on this young man comes from the Poet's ever-changing viewpoint.

Critics have described the Friend in various ways, including aloof, sensitive, vulnerable, impulsive, and enigmatic. Many emphasize his fundamental egotism. The initial sonnets celebrate his physical attractiveness, but later ones question his integrity and loyalty, increasingly depicting him as arrogant and self-important. Commentators have observed that the Friend's depiction throughout the sonnets lacks specificity: His beauty is generalized rather than detailed, and all we know of his speech and actions comes through second-hand accounts. The Poet accuses him of a serious fault—apparently of a sensual nature—but this fault is never specified. Some critics highlight the Friend's accomplishments, grace, and beauty, while others focus on his pride, susceptibility to flattery, and apparent rejection of the Poet.

The Dark Lady
Commentary on the Dark Lady often centers more on the speaker's mindset in Sonnets 127-152 than on the woman herself. Similar to the Friend, much of what is written about her focuses on whether she has a historical counterpart. Mary Fitton, a lady-in-waiting to Queen Elizabeth, is a leading candidate. Other possibilities include Luce Morgan, a London brothel-keeper, and Emilia Lanier, a woman whose virtue was frequently compromised. As with the Friend, most critics believe we will never definitively know if there was a real-life inspiration for the Dark Lady. However, few think that discovering such a figure would significantly influence our interpretation of the poems that refer to her.

The Dark Lady in Shakespeare's sonnets is even more enigmatic than the Friend. There is broad consensus that she is both lustful and alluring, and that the Poet is powerfully attracted to her. Scholars propose that although the Poet loves—or once loved—her, he also harbors feelings of contempt towards her. It appears she has seduced the Friend while maintaining an affair with the Poet, but the full extent of her promiscuity—or whether she is married and thus committing adultery—remains unclear to many readers.

Several critics have analyzed the Dark Lady sonnets within the framework of literary traditions, suggesting that these poems parody Petrarchan lovers by portraying a mistress lacking both virtue and beauty. Over the years, numerous commentators have associated the Dark Lady with a degraded form of love. However, late twentieth-century research, particularly those from a feminist viewpoint, has shown more empathy, questioning the credibility of the Poet's portrayal of her and advocating for a reassessment that considers his clear bias.