The Princess is the central figure of Tim's quest, though she remains elusive for most of the game. Her true nature and relationship with Tim are revealed in the game's powerful ending. She is not a damsel in distress in the traditional sense, and her role is crucial to the game's overarching narrative twist. Other minor characters include the 'monstrous knight' who supposedly holds the Princess captive, and various enemies that populate the worlds.

- The Princess: The object of Tim's quest, whose true identity and motivations are central to Braid's narrative. Her actions in World 1 (played in reverse) are key to understanding the story.
- The Monstrous Knight: The antagonist figure, though his role is also recontextualized by the game's ending. He is often depicted as a shadowy, imposing figure.
- Enemies: Various creatures (goombas, piranha plants, etc.) that serve as obstacles and puzzle elements. They are generally defeated by jumping on their heads, and their interaction with time mechanics is vital for puzzles.
Braid uses these characters to subvert traditional fairy tale tropes and explore deeper themes. The narrative is intentionally ambiguous for much of the game, encouraging players to piece together the story through environmental clues, Tim's internal monologues, and the final revelation. The relationships between these characters are far more complex than they initially appear.