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The Wälsungs are the central family and bloodline in the ring cycle. Descended from Wotan, in the guise of Walse, the family includes siblings (and lovers) Siegmund and Sieglinde, and their son Siegfried. Wotan sired them to recover the ring from the Giant Fafner, the Gods being unable to due to his agreement with the Giants. However their mother was killed and their house burnt by robbers. Sieglinde was taken and forced to marry Hunding.

Wotan and Siegmund lived in the wood as outlaws and fought the Neidings. The Walsung are the race most loved by Wotan and most ill-treated, due to their forbidden love Wotan was forced by his wife Fricka to have his son Siegmund die in battle. Siegfried is raised by the Nibelung dwarf Mime, who also hopes to gain the ring. Siegfried kills Fafner and takes the ring, but when he meets Wotan he shatters the God's spear, ending Wotan's power. He later marries Gutrune and becomes blood-brother of her brother Gunther. When Siegfried is murdered by Gunther and Gutrune's half-brother Hagen, the Walsung line ends.