The Völsunga saga (often referred to in English as the Volsunga Saga or Saga of the Völsungs) is a legendary saga, a late 13th century poetic rendition in the Icelandic language of the origin and decline of the Völsung clan (including the story of Sigurd and Brynhild and destruction of the Burgundians).

The saga covers themes including the power struggles among Sigurd's ancestors; Sigurd's killing of the dragon Fafnir; and the influence of the cursed ring Andvaranaut.

The saga has given rise to operatic and literary adaptations including Richard Wagner's Der Ring des Nibelungen, Henrik Ibsen's The Vikings at Helgeland, William Morris's The Story of Sigurd the Volsung and the Fall of the Niblungs, and J. R. R. Tolkien's The Legend of Sigurd and Gudrún.

Two of the main themes of the saga are the male responsibility of rewarding friends and punishing acts of shame, and the female responsibility of goading for revenge. Together these create much of the contention in the saga.

It is largely based on epic poetry of the historic Elder Edda. The earliest known pictorial representation of this tradition is the Ramsund carving, Sweden, which was created c. 1000 AD.

The origins of the material are considerably older, however, and it in part echoes real events in Central Europe during the Migration Period, chiefly the destruction of the Kingdom of the Burgundians by the Huns in the fifth century. Some of the poems contained in the Elder Edda relate episodes from the Völsung legend. On the other hand, the only manuscript of the saga, Ny kgl. Saml. 1824b 4to, which is held by the Royal Library of Denmark, dates to about 1400. In this manuscript, the saga leads straight in to Ragnars saga loðbrókar.

The saga can be divided into five phases: the preliminary generations; Sigurd and his foster family; Sigurd and the Gjukingar; Gudrun and the Budlingar; and Gudrun's last marriage.

The spare, stark storytelling of the sagas is well evidenced here. Intact are the references to Runic ciphers, the world view of our ancestors, and the constraints that defined life for the princely and warrior classes in those times.

Volsungasaga remains a powerful mythic expression, one immortalized by Richard Wagner, retold over generations which remains unique and prescient to this day.