The Races populating the part of the world of The Banner Saga explored in the first and second parts of the game are four:
Playable characters in first game belong only to the first three Races, while the Dredge appear as the main antagonists, but that changes in sequels.
Humans are divided in clans that are loosely allied together under the banner of the Arberrang King, with the notable exception of the Kragsmen that are openly hostile to most other races. Varl are horned giants that are genderless (only male), thus unable to reproduce, and of considerable longevity compared to humans. Dredge are revealed to be both male and female, but it is not yet clear if they can reproduce or whether they grow old and die of age; Dredge and Varl are ancient enemies. Horseborn are half-pony/half-human intelligent beings, similar to mythological Centaurs, both male and female and of uncertain disposition against the other Races.