Just like in any fantasy sport, the center of the game is the players participating in the real game. In Virtual Fighting League, the players that are drafted and used are referred to as "characters." These characters all have different stats, abilities, AI, and appearances. Most of them are modeled after characters from TV shows or other games, though they may not be entirely faithful to their origin.

Characters within the VFL often vary in power immensely, and so have been placed into Divisions to give every fighter a fair chance. Additional, any character may rise or fall into new divisions, but only on rare occasion.

The current full roster of characters listed alphabetically is given on the Character List page.