Unlike traditional versions where the wolf is a predator and the girl a victim, Carter explores the wolf as a symbol of "carnal desire". The girl’s ultimate victory comes from embracing her own "inner wolf"—accepting her desires rather than fearing them.

A Gynocritical Study of The Company of Wolves by Angela Carter

The story is fundamentally a rite of passage. The protagonist is at the threshold of womanhood, often symbolized by her red shawl, which explicitly represents the "blood of menstruation" and her transition into a sexual being.