The novel primarily explores the tragic consequences of Axel Heyst's philosophical detachment from human life. It reflects Conrad's belief in the necessity of engaging with the human community. While Conrad shared some skepticism about human ideals, akin to Heyst's father, who authored books promoting a philosophy reminiscent of Schopenhauer's intellectual pessimism, he also understood the significance of participating and committing to the human community. Therefore, the novel can be seen as a portrayal of the tragic outcomes resulting from Heyst's insufficient connection with humanity.

Ironically, it is only when Heyst first gets involved with Morrison and then with Lena that the inevitable sequence of events leading to his downfall starts. This highlights another theme of the novel: the harsh realization that engaging with others, even those as seemingly innocent as Morrison and Lena, can lead to its own form of tragedy.

Though the novel concludes tragically, it appears to underscore Conrad's fundamental belief in the necessity of love through the depiction of Lena and Heyst's relationship. Additionally, it highlights Conrad's conviction in the significance of moral integrity, as evidenced by Heyst's actions, despite his often Hamlet-like and frustrating demeanor.

Simultaneously, Victory highlights the devastating price individuals pay for their delusions. Almost every leading character in Conrad's works, even the antagonists, falls prey to their own illusions, as will be further illustrated in the section on characters.