As with previous novels in the universe, Swords and Deviltry tells the story of The Fafhrd and Gray Mouser, the strange and dynamic duo who travel through Nehwon. During their travels, the duo encounters strange and sometimes violent situations, situations which they must successfully navigate to make it out alive. To that end, Swords and Deviltry are primarily concerned with entertaining readers. It has no meaningful academic merit outside of its entertainment value.
But the novel does discuss a number of varied and complex themes. "Induction," for example, explores the origins of the dynamic between Fafhrd and the Gray Mouser. It also ruminates on the relationship between grief, sadness, and friendship.
The second short story of the novel, "The Snow Women," explores themes related to friendship, youthful lust and exuberance, the life of people who live in isolated places, and love. The third short story contained in the novel, "The Holy Grail," focuses on many of the same plot points and themes as "The Snow Women." However, the story explores magic, those who practice it, and how communities around it are affected by it.
The fourth and final short story of the novel, titled "Ill Met in Lankhmar," focuses on the circumstances leading up to Fafhrd and Gray Mouser meeting (particularly how their lovers died) and how the two became such fast friends. To that end, the short story explores the bonds of friendship, sticking together in a time of need, and remaining strong despite tremendous hardship.