Shasta
A young man who was kidnapped at birth and sold into Calormene slavery who over the course of the book plans to escape from his abusive master with the help of a talking horse named Bree. It is revealed that Shasta is actually Cor, the older twin of Prince Corin of Archenland. His kidnapping was to prevent him from fulfilling his destiny of saving Archenland from destruction.
Bree
Bree, a talking horse, is the companion of Shasta. Like Shasta, he was captured by the Calormenes as a foal. He and Shasta plot to escape from their slave masters, leading them eventually to Archenland where they discover Shasta's true origins.
Aravis
Aravis is a young Calormene aristocrat who is also friends with a talking horse, Hwin. She escapes her household with Hwin to avoid being forced to marry Ashoshta, a wealthy, high-ranking official. She helps Shasta to undermine the Calormene plot to attack Archenland, and they eventually end up romantically involved.
Rabadash
The antagonist of the story, Rabadash is the son of Calormene's ruler. He has a very aggressive personality, attempting to invade Archenland, only to be foiled by Shasta warning them beforehand.
Corin
The prince of Archenland, who is revealed to be Shasta's younger brother.
Lasaraleen
Aravis's friend, who helps her escape, although she does not understand why Aravis would want to escape the opulent life of the nobility.