Since the earliest scholarship on The Lord of the Rings and The Silmarillion, critics have discussed how the works of J. R. R. Tolkien seem either to ignore women or to place them on unattainable pedestals. To remedy such claims that Tolkien's fiction has nothing useful or modern to say about women, Perilous and Fair focuses critical attention on views that interpret women in Tolkien's works and life as enacting essential, rather than merely supportive roles.

Perilous and Fair includes seven classic articles as well as seven new examinations of women in Tolkien's works and life. These fourteen articles bring together perspectives not only on Tolkien's most commonly discussed female characters—Éowyn, Galadriel, and Lúthien—but also on less studied figures such as Nienna, Yavanna, Shelob, and Arwen. Among others, the collection features such diverse critical approaches and methods as literary source study, historical context, feminist theory, biographical investigation, close-reading textual analysis, Jungian archetypes, and fanfiction reader-response.