Ballerina features a central, deeply intimate bond between two women, Ok-ju and Min-hee, widely interpreted as queer. Ok-ju's relentless quest for revenge is entirely driven by her profound love and grief for Min-hee. The film validates their connection, portraying Min-hee's tragedy as a result of external criminal exploitation rather than her identity. The narrative ultimately affirms the worth of their love through Ok-ju's heroic actions.

The film features Ok-ju, a former bodyguard, who repeatedly engages in intense close-quarters physical combat. She demonstrates exceptional skill in hand-to-hand fighting and with melee weapons, consistently defeating multiple male opponents throughout her quest for revenge.

The film's narrative centers entirely on a deep, non-biological friendship that functions as a chosen family, celebrating this bond and its associated loyalty as the primary emotional driver, while traditional family structures are absent from the story.