With an apparent magnitude varying between 2.37 and 2.45, the brightest star in Pegasus is the orange supergiant Epsilon Pegasi, also known as Enif, which marks the horse's muzzle.

One myth regarding his powers says that his hooves dug out a spring, Hippocrene, which blessed those who drank its water with the ability to write poetry.

[3] Eventually, it became the horse for Bellerophon, who was asked to kill the Chimera and succeeded with the help of Athena and Pegasus.

[7] In Hindu astronomy, Pegasus is contained within the 25th nakshatra lunar mansion Purva Bhadrapada.

[4] For the Warrau and Arawak peoples in Guyana the stars in the Great Square, corresponding to parts of Pegasus and of Andromeda, represented a barbecue, taken up to the sky by the seven hunters of the myth of Siritjo.

[9] The official constellation boundaries, as set by Belgian astronomer Eugène Delporte in 1930, are defined as a polygon of 35 segments.

[1] Its position in the Northern Celestial Hemisphere means that the whole constellation is visible to observers north of 53°S.

[12] Flamsteed added lower case letters e through to y, omitting A to D as they had been used on Bayer's chart to designate neighbouring constellations and the equator.

The brightest star in Pegasus, is an orange supergiant of spectral type K21b that is around 12 times as massive as the Sun and is around 690 light-years distant from Earth.

It is composed of a red giant and white dwarf, estimated to be around 2.5 and 0.6 times the mass of the Sun respectively.

Phi and Psi Pegasi are pulsating red giants, while Tau Pegasi (the proper name is Salm[19]), is a Delta Scuti variable—a class of short period (six hours at most) pulsating stars that have been used as standard candles and as subjects to study astroseismology.

Lying seven degrees southwest of Markab, it is a blue-white main sequence star of spectral type B8V located around 209 light-years distant.

[23] It is a slowly pulsating B star that varies slightly in luminosity with a period of 22.952 ± 0.804 hours, completing 1.04566 cycles per day.

[24] Xi lies 2 degrees northeast, and is a yellow-white main sequence star of spectral type F6V that is 86% larger and 17% more massive that the Sun, and radiate 4.5 times the solar luminosity.

The second brightest star is Scheat, a red giant of spectral type M2.5II-IIIe located around 196 light-years away from Earth.

[32][33] Appearing to have moved off the main sequence as their core hydrogen supply is being or has been exhausted, they are enlarging and cooling to eventually become red giant stars.

Located 300 ± 20 light-years distant from Earth,[38] it is a white subgiant that has begun to cool, expand and brighten as it exhausts its core hydrogen fuel and moves off the main sequence.

[39] Pi1 and Pi2 Pegasi appear as an optical double to the unaided eye as they are separated by 10 arcminutes, and are not a true binary system.

[58] NGC 7331 is a spiral galaxy located in Pegasus, 38 million light-years distant with a redshift of 0.0027.

Located at a distance of 77 million light-years with a redshift of 0.00555, it is an active galaxy with a supermassive black hole at its core.

Its characteristic emission lines are produced by gas moving at high speeds around the central black hole.