The text has five chapters, structured primarily as a discussion between Vishnu in his Varaha (boar) avatar and the sage Ribhu.

The discussion covers the subjects of Tattvas, the nature and relationship between the individual soul (Self, Atman) and the Ultimate Reality (Brahman), the seven stages of learning, the characteristics of Jivanmukti (inner sense of freedom while living), and the four types of Jivanmuktas (liberated persons).

The Varaha Upanishad emphasizes that liberation from sorrow and fear requires a human being to know the non-dualistic nature of existence, oneness between Self, Brahman and Vishnu, and the role of Yoga in self-liberation, and lists ten Yamas (virtues) as essential to a liberation of one's soul: nonviolence, satya, asteya, brahmacharya, compassion, rectitude, kshama, non-hypocrisy, mitahara, and shaucha.

[1] The term Upanishad means it is knowledge or "hidden doctrine" text that belongs to the corpus of Vedanta literature presenting the philosophical concepts of Hinduism and considered the highest purpose of its scripture, the Vedas.

[9] The text also incorporates sections on tantra terminology such as Chakra and Nāḍi in its discussion of Laya, Mantra, and Hatha yoga.

[10] The minor Yoga Upanishads, according to Antonio Rigopoulos, a professor of Indology at the University Ca 'Foscari of Venice, were recorded in the medieval period of India's Advaita and Yoga-rooted traditions, possibly in the middle of the 2nd millennium CE, but may well represent already established ideas and practices before the epic and medieval period, given that they use concepts and terminology rooted in the 1st millennium BCE Vedic era text, such as pranava, Atman, and Brahman.

Ribhu declines all worldly pleasures, and asks Vishnu to explain "that science of Brahman which treats of thy nature, a knowledge which leads to salvation".

[12] Some scholars, asserts Varaha, expand the list of tattvas of a human body to 36, by including the five elements – earth (Prithvi), air (Vayu), water (Ap), ether (Akasha), and fire (Agni); the three bodies – the gross, the subtle and the causal (Karana); three states of consciousness – when awake, when dreaming, and when in dreamless sleep; and one jiva (soul).

[15][16] It includes the six stages of changes (Aiyar translates this to "existence, birth, growth, transformation, decay, and destruction"); six maladies or "infirmities" (hunger, thirst, suffering, delusion, age, and death); koshas or six sheaths ("skin, blood, flesh, fat, marrow, and bones"); six adversities or foes of a body ("longing, anger, craving, arrogance, and malice"); three aspects of "jiva" – "Vishva" (world), "Taijasa" (endowed with light), and "Prajna" (insight into nature of reality); three "Guṇas" or qualities, innate psyche ("Sattva, Rajas, and Tamas"); three types of Karmas ("Prarabdha" (past karma now being enjoyed), "Sanchita" (past karma yet to be enjoyed), and "Agamin" (current karma to be enjoyed later)); five actions ("talking, lifting, walking, excreting, and enjoying"); and tattvas of "thought, certainty, egoism, compassion, kindness, anticipation, sympathy, and indifference".

To complete its list of 96, the Varaha adds "Dik", or the four quarters, all Vedic deities who are part of the human body, namely "Vayu" (air, ear), Sun (light, eye), "Varuna" (water, tongue), Ashvini Devas (nose), Agni (fire), Indra, Upendra, and Mrityu (death); it includes the moon, the four-faced Brahma, Rudra, Kshetrajna (the conscious knower of the body), and Ishvara.

A sincere longing for spiritual liberation and six virtuous qualities (shama) are essential in order to achieve Brahmavidya, asserts the Upanishad, these being tranquility, self-restraint, doing work without craving for rewards, endurance, faith, and meditation.

[18] Ribhu then asks Varaha, "Taking birth as a human, that is also a male and a Brahmana is difficult, a Yogi who has studied the Vedanta but who does not know the form of Vishnu, how can such an ignorant one become liberated?

[20][21] That which is of the character of Truth, Knowledge, Bliss, and Fullness, states Varaha Upanishad in verse 2.16, stands farthest away from Tamas (darkness, destruction, chaos).

As Atman, self effulgent, Varaha states that "Brahma-Jnanis" are those who see nothing but the Brahman, and they are happy and content in the universe despite being subject to sufferings.

The Varaha Upanishad asserts the non-dualistic premise that Brahman and Atman are one, and those who know this fear nothing, suffer nothing, and possess fortitude.

Varaha in verse 2.64 compares the "samsara" (cycle of rebirth) to the domain of karma, states Billington, one that is like a long dream ("swapna"), a delusion, a sea of sorrow.

In verse 3.14–3.15, states Ayyangar, everyone is equal in the eyes of god, there is no difference between living forms and human beings based on law, family, caste, or clan, and everyone is one Truth and Absolute Brahman.

[36] The Varaha Upanishad, in Chapter 4, states that individuals gain knowledge through seven stages:[37] First, one must have virtuous desire to learn, discover (Śubha-iccha).

[37][38] The Varaha Upanishad, in a manner similar to many ancient and medieval era Hindu texts,[39] discusses moksha in this life (rather than afterlife), or Jivanmukti, calling those who have reached such a state a Jivanmukta (self-realized person).