The main characters of this series comprises mostly of the protagonist and his team who journeys along with him in search for his half and a lost sister and the antagonist. Additional special characters are also mentioned.
An Endless who was split into two due to an incomplete summoning. Ryu, the protagonist of this series, starts out as a man who has no idea of his origin and destination except only of his purpose... to meet with his other half - the God-Emperor Fou-Lou. Joined by the Wyndian Princess, Nina, and the Woren Chief, Cray, Ryu sets out on a journey to the west, the Fou Empire to meet the God-Emperor and to help find Nina's sister, Elina. As he ventures further, he meets key characters that would aid him in his quest such as Ershin, Scias and Ursula.
Ryu can only use magic when he is in dragon form. His basic Dragon Transformation is the Aura Dragon whose skills are fire based and healing and support. He has a dragon form who is a Level 1 and 2 fire magic specialist (Wyvern). He also has other dragon forms who are level 1 and 2 magic specialist on earth magic (behemoth) and wind (Myrmidon), additionally, he's got another dragon form whose powers basically have status changing effects (Mutant). Lastly, His most powerful dragon (Kaiser) is a Level 3 Magic Specialist on fire, earth and wind. Unfortunately, this dragon is uncontrollable until some required events have been met. Despite the fact that Ryu is unable to use magic spells unless in dragon mode, he is still able to cast skills that he learned from fights.
The youngest of the Wyndian princesses who left her home in search for her missing sister. Together with Cray, Nina journeys to Synesta to look for clues but was abruptly stalled by an accident which led her into meeting up with Ryu. Nina is the leading lady in this series, much like in every BOF series, who keeps Ryu in control (like when Ryu uncontrollably unleashed the Kaiser dragon) and is the most emotional character in the game.
Nina is a master of wind magic, learning its three level magic - sever, cyclone and typhoon, and is a spell master as well, learning a bunch of healing spells, status curing spells and reviving spells.
Ershin (which generally translates to "Master" from the language of the Fou Empire) is an armor who acts somewhat like a living person, but speaks quite weird (mentioning himself in third person). Inside this can of armor is a trapped Endless named Deis who, just like Ryu and Fou-Lou, is also a victim of an incomplete summoning. Ershin was the one to help Ryu and Nina to cross Chamba when they were being hunted by Imperial Troops. Deis was the one to help Ryu summon all the Gods in the Yorae Shrine to ask for power. Throughout the game, Ershin usually laughs in an incorrect timing and Deis is the one to give advice to Ryu and sometimes gives commentaries that are logical but embarrassing (specially to Nina).
Ershin, who contains an endless, is a master of Level 3 Magic of all elements. He has quite a few despicable skills that barely requires AP at first but then he eventually learns magic spells that makes him one of the most powerful characters in the game. He also learns a quite powerful dragon spell (most probably thanks to Deis).
Cray is the Chief of the Woren Nation and a lover of the Wyndian Princess, Elina. He is a quite temperamental guy whose purpose of journeying is to find the missing princess and to ensure the safety of Princess Nina who is also searching for her missing sister. In his earnest wish to find Elina, Cray agreed to accompany Ryu in his quest to the Empire but eventually, he and the others got sucked into Ryu's life force which changed their destinies, after finding the missing princess and failing to retrieve her, Cray decided to stick with Ryu until the end of his journey.
Cray is an earth magic specialist, learning all three levels of it - rockblast, stone pillar and quake. He is also a great support character since he can cast ability raising magics (barrier and the like).
A mercenary who only thinks about money, Scias had a change of heart all because of Nina. He was a hired guard by Ilgor - the chief of staff of the Ludian empire, to "keep an eye" on the perpetrators (pointing out to Ryu, Nina and Ershin), Scias does the job and accompanies the three in their quest to save Cray from punishment by literally keeping an eye on them. He then finishes his job by informing Ilgor that the boy Ryu, is indeed a dragon that was being searched for by the empire. Ilgor then pays him and orders him to disappear. In the scene where Ryu and company was already on top of the Tower of Wind and Ilgor comes to stop them, Scias arrives and breaks his deal with Ilgor and joins Ryu and his party citing that he was doing so because he just "feels like it".
Scias is a master of skills involving blades and also of water type of magic. He can cast all three levels of water magic - frost, ice blast and blizzard. He can also cast healing spells and reviving spells.
Granddaughter of the highest ranking military officer of the Fou Empire, Ursula was tasked to find and retrieve the Yorae Dragon (Ryu). Arriving at Chek (the hidden town of dragon summoners), she along with Captain Russo search for the dragon with their own means. She successfully managed to capture Ryu and his party but when she was informed that the villagers went into hiding and that they have to ensure their safety, she agrees to check on the abandoned village only to find out that Russo has massacred everyone just to know where the dragon is. Unable to stop a berserked Ryu, Ursula was captured by Cray and was given the complete data of the party's journey and mission. Ursula then agreed to bring them to the Empire not as a hostage but as a guide and that she will not let the party be arrested by any of the Fou Empires Troops. She told them that it is indeed her task to bring the Dragon to the empire but they must not liken everyone at the empire to Russo who only cares for glory and vengeance.
Ursula is a ranged fighter specializing with guns. She has all Level 2 Elemental Magic Spells and knows some negative stat changing skills too.
The God Emperor whose incomplete summoning caused his power to be split in two. Fou-Lu is the other half of Ryu. He built the Fou Empire during his time but due to the excessive use of magic and incompleteness, fell into a deep sleep with the promise made by him and the humans that on his revival, he will assume once again as the emperor of the empire. After some time, when Ryu was born, Fou-Lou awoke and journeyed back to the Empire only to find out that the promise had been broken since a Fou Imperial General, Yohm, greeted him with fights and devious tactics designed to kill him. Along his journey, he gains a point of view that humans do not deserve salvation and that they are useless beings in terms of the gods. Apparently though, his resolve is being constantly shakened by the kind acts of Bunyan (Breath_of_Fire_IV) (a retired warrior who found him wounded and healed him) and Mami (a woman whom apparently made a romantic connection with him). When Ryu awakened the Kaiser Dragon, Fou-Lu's abilities were restored to full and, with that, he destroyed the imperial city and took the throne, killing the current Emperor Soniel on the way. Upon meeting Ryu, he persuaded Ryu to merge into him and destroy the human world but eventually failed and in turn was absorbed by Ryu who sent the gods off from the human world. In the game, Ryu absorbed Fou-Lu and sent the gods away, including his godly powers.
In the manga by Hitoshi Ichimura, Ryu instead absorbed Fou-Lu and left the human world with the gods. Eventually, he returned as a mortal journeying to Wyndia in hopes of seeing his old friends once again, this time alongside Fou-Lu, who is also turned into a mortal.
A rich Manillo (a clan of Frog Merchants) who accommodated the princess Elina on her journey to the Empire. He is also the one to help Ryu and his company to cross to the empire by smuggling them in a crate of apples.
A woman who took care of Fou-Lu when he was injured. Mami took Fou-Lu in the hopes that he will be able to live a normal life with her. Unfortunately, General Yohm found out Fou-Lu's location and after helping Fou-Lu escape, Mami was captured by Yohm's men and was later used as a sacrifice for the Carronade.
An Imperial Captain who is the antagonist in Ryu's part of journey. He is the key player who made Ryu unleash the Kaiser Dragon when he massacred the citizens of Chek.
An Imperial General who is the antagonist in Fou-Lu's part of journey. He is the key player who made Fou-Lu change his perspective of the humans.
An immoral scientist who doesn't care about other people as long as it would conclude his research a success. He is the one responsible for turning the princess Elina into a Goddess but turned her body in the process into an abomination.
A teacher in Wyndia who is significantly a main character in Breath of Fire III. It appears that she crossed time.
Vendors found in the Abandoned Village after the game is finished. These two are also main characters of Breath of Fire III.