Sigrdrífumál in the context of Wisdom literature

There is some evidence that, in addition to being a writing system, runes historically served purposes of magic. This is the case from the earliest epigraphic evidence of the Roman to the Germanic Iron Age, with non-linguistic inscriptions and the alu word. An erilaz appears to have been a person versed in runes, including their magic applications.

In medieval sources, notably the Poetic Edda, the Sigrdrífumál mentions "victory runes" to be carved on a sword, "some on the grasp and some on the inlay, and name Tyr twice."

The sequence alu (ᚨᛚᚢ) is found in numerous Elder Futhark runic inscriptions of Germanic Iron Age Scandinavia (and more rarely in early Anglo-Saxon England) between the 3rd and the 8th century. The word usually appears either alone (such as on the Elgesem runestone) or as part of an apparent formula (such as on the Lindholm "amulet" (DR 261) from Scania, Sweden). The symbols represent the runes Ansuz, Laguz, and Uruz. The origin and meaning of the word are matters of dispute, though a general agreement exists among scholars that the word represents an instance of historical runic magic or is a metaphor (or metonym) for it. It is the most common of the early runic charm words.

The word disappears from runic inscriptions shortly after the Migration Period, even before the Christianization of Scandinavia.It may have lived on beyond this period with an increasing association with ale, appearing in stanzas 7 and 19 of the Old Norse poem Sigrdrífumál, compiled in the 13th century Poetic Edda, where knowledge of invocative "ale runes" (Old Norse ölrúnar) is imparted by the Valkyrie Sigrdrífa. Theories have been suggested that the unique term ealuscerwen (possibly "pouring away of alu"), used to describe grief or terror in the epic poem Beowulf, recorded around the 9th to 11th century, may be directly related.

In Norse mythology, Andvaranaut (12th c. Old Norse: [ˈɑndˌwɑrɑˌnɔut]), meaning Andvari's Gem ("Andvari's precious possession"), is a magic ring, initially owned by Andvari, that could help with finding sources of gold. Andvaranaut is mainly a cursed treasure, but according to scholars, it forms part of a bigger tradition of objects that are divinely and supernaturally empowered in Norse mythology. Such items held cultural and religious significance and often mediated relationships between gods, dwarves, and heroic figures.

The mischievous god Loki stole Andvari's treasure and the ring. In revenge, Andvari cursed the ring to bring misfortune and destruction to whoever possessed it. Loki quickly gave the cursed Andvaranaut to Hreidmar, King of the Dwarves, as reparation for having inadvertently killed Hreidmar's son, Ótr. Ótr's brother, Fafnir, then murdered Hreidmar and took the ring, turning into a dragon to guard it. Sigurd (Siegfried) later killed Fafnir and gave Andvaranaut to Brynhildr (Brünnehilde). Queen Grimhild of the Nibelungs then manipulated Sigurd and Brynhildr into marrying her children, bringing Andvaranaut's curse into her family.

The Great Lacuna is a lacuna of eight leaves where there was heroic Old Norse poetry in the Codex Regius. The gap would have contained the last part of Sigrdrífumál and most of Sigurðarkviða. What remains of the last poem consists of 22 stanzas called Brot af Sigurðarkviðu, but according to Henry Adams Bellows, the original size of Sigurðarkviða should have been more than 250 stanzas.

The missing original narrative is preserved in the Völsunga saga in prose form with four stanzas of poetry. The first two stanzas that are preserved through the saga deal with how Sigurd returns to Brynhildr leaping through the flames on Grani after Gunnar had failed: