Carol portrays a lesbian romance in the 1950s with profound dignity and empathy. The film affirms the worth of LGBTQ+ love and identity by depicting its characters with complexity and agency, while framing societal prejudice as an external, unjust force. The narrative celebrates their connection and resilience against a backdrop of significant adversity.

The film portrays the prevailing Christian-influenced societal morality of the 1950s as a restrictive and oppressive force, particularly in its judgment and condemnation of Carol and Therese's same-sex relationship. The narrative highlights the harm caused by these rigid norms, leading to Carol's potential loss of her child and the general societal ostracization of the protagonists.