The quest motif is significant in Steppenwolf, much like in other novels by Hermann Hesse, but the tone of the journey here is notably darker. As the novel begins, Haller is forty-eight, unemployed, and in conflict with his wife. He is a social outcast and harbors suicidal thoughts, having decided to end his life when he reaches fifty. A key parallel with Siddhartha becomes apparent as Harry delves into "real life," the existence of "ordinary people." In this process, he has disputes with Erica, his estranged wife, and with a professor and his wife when they invite him for dinner. Harry's controversial article blaming Germany for the Great War of 1914-1918 sparks these conflicts.

Haller eventually stumbles upon the Magic Theatre and meets influential figures—Pablo, a musician, and Hermine, a prostitute. Some literary scholars suggest that Hermine is a reflection of the author, as her name hints. Near the end of the book, Harry observes that she reminds him of a childhood friend named Hermann. Haller also encounters representations of various renowned historical personalities such as the writer Goethe and composer Mozart. The entire Magic Theatre experience, along with its associated characters, aids Haller in reconciling his dual nature: the beastly and the human (or spiritual). The narrator comments on Haller and artists in general: "These persons all have two souls, two beings within them. There is God and the devil in them."

These words, along with similar passages, evoke the theme of unity found in Siddhartha and Demian. However, as literary critic Casebeer notes, the final third of the novel offers a "delightful" and "amazing" conclusion, distinctly setting it apart from other works by Hesse.

Haller's moment of enlightenment is more sarcastic and satirical. As he proclaims at the end:

I was determined to begin the game afresh. I would sample its tortures once more and shudder again at its senselessness. I would traverse not once more, but often, the hell of my inner being. One day I would be a better hand at the game. One day I would learn how to laugh.

Haller's analogy of his quest to a game highlights the ironic tone that runs throughout the narrative; while some readers appreciate this aspect, it has alienated others.