Tenets
Many modern practitioners view Ásatrú mythology, not as literal truth, but as metaphorical truth of great weight. There is no orthodox theology or dogma, although there are significant schools of thought. The school of hard polytheism, wherein the individual gods are viewed as individual and real beings, as opposed to facets of a larger deity, and independent of belief in them is the most widely represented. The natural environment is deified in several respects in its pantheon, and is revered in practice, but, unlike some nature-oriented religions, Ásatrú is not opposed to technology.

Truthfulness, self-reliance, and hospitality are especially important moral values, underpinning a more general notion of honor. Creative, productive, and intellectual pursuits are regarded highly, as are martial skills and military service.

Comparison with many other religions is difficult, and should start by expecting to find truly fundamental differences in outlook. For example, the mythology presents the gods as neither omniscient, omnipotent, immortal, nor infallible. Nevertheless, they are wise, powerful, long-lived, and good to know as friends. Furthermore, they are a product of existence, not the other way around. Humanity is seen as an honorable life form, and subject to the same constraints of decision, action, and consequence as the gods. The relationship between gods and humans is something like familial and not subordinative.

Ásatrú morality is also significantly different from that of many other religions. For example, there is no list of wholesale injunctions against various behaviors, but tradeoffs between freedom and responsibility are central themes in the mythic, legendary, and historical literature of the religion, which adherents are expected to read and consider very seriously. Some behaviors condemned by other religions are considered virtues when legitimately founded and properly managed. Pride is a good example of this. There is a theory of an afterlife, based mostly on a kind of rough justice. Discussions of "redemption", "salvation", or "perfection" are notably absent, as are the conceptual precursors that might require them.

Although it derives from a warrior culture, Ásatrú is not a male-dominated religion. Men and women are seen as equals in most regards, and simply different in others. Women have a pre-eminent role in seidh, an important rite.

Ásatrú has Norse/Germanic mythology at its core, but there are regional variations in its emphasis, often due to the subjective interpretations of influential local practitioners. For example, in Iceland, many consider it politically left-leaning, and some in Germany and America view it as having a racial aspect. Views within Ásatrú range from a "folkish" outlook, which is actually ethnically oriented as opposed to racially and respects other races and cultures, to a more extreme outlook that is patently racist whose adherents are generally not considered truly Ásatrú by the wider community. "Universalist" Ásatrú takes no account of race. Ásatrú organizations tend to make a point of where they stand on this issue.

People come to Ásatrú of their own accord. Proselytizing is frowned upon.

Rites
A Blót (pronounced "bloat") is an Ásatrú rite that honors the gods, usually focusing on one of the gods in the pantheon. A blót may be highly formalized, but the underlying intent is something like inviting and having an honored guest or family member in for dinner. Food and drink may be offered. Most of this will be consumed by the participants, and some of the drink will be poured out onto the earth. The usual drink is mead (a wine made from honey) or ale.

Sumbel (also spelled "symbel") is a rite in which a drink is passed around an assembled circle. At each passing of the drink, participants make a different kind of statement, usually following the pattern of Toast-Boast-Oath. The Toast honors some mentor, revered relative, or favorite god of the participant. The Boast is an opportunity for the participant to honor self, in terms of some good work accomplished. The Oath is a promise to carry out some good work in the future. Participants are not required to make any statements and may simply pass the drink along. Oaths made during Sumbel are considered binding upon the persons making them. Another common pattern is to toast to a God or Virtue, then a Hero or Ancestor, and the final round being either open, or dedicated to boasts or oaths.

Seidh (pronounced "sayth", where the th is voiced) is a shamanistic rite. It is fairly difficult to carry out, and not all Ásatrúar participate in seidh. In the past, Seid was considered somewhat shameful; something that only women did and only in time of dire need. Today many former Wiccans are drawn to Ásatrú and find Seid to be important to them.