The Norse god of mischief and the primary antagonist of Valkyrie Profile, Loki is half-aesir, half-vanir. While allowed to live in Asgard, Loki is not held in high regard and constantly suspected of being up to no good. Odin and Freya sealed his power, Loki has an adult or vanir appearance once he obtains the Dragon Orb. The only Aesir he is seen associating with is Frei. Frei appears to honestly see Loki as a friend, and in the manga she is devastated when Loki turns against Odin.

Loki secretly works to usurp power from Odin by stealing the Dragon Orb. He then murders Lucian, using him as a scapegoat for the orb's theft. After killing Odin's enemy, Surt, he goes on the offensive, killing Odin, and taking control of Asgard. A nihilist, his only wish is for the destruction of all life (due to disrespect and not being accepted by his blood races), and in the introduction to the final battle, uses his power to destroy Asgard and Midgard. However, Lenneth undoes the destruction, revealing her power of creation, and subsequently kills Loki.

In the A Ending path of Valkyrie Profile: Lenneth, Loki is the final boss.

In Valkyrie Profile: Covenant of the Plume, should the player use the Destiny Plume excessively early on, various scenes in Valhalla are shown. Of all the gods, Loki is the first to detect the unusual darkness emanating from Midgard due to Wylfred's tainting of the Plume, though Frei, whom he is with at the time, is oblivious. He remarks, before catching up with Frei, that if he can sense the power, then Freya may have already, and even if not, will very soon notice and most likely take action.
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