Satyricon depicts a sexually fluid ancient Roman society where same-sex relationships, particularly the central love triangle between Encolpius, Ascyltus, and Giton, are integral to the plot. These relationships are presented as a natural part of the characters' lives and the societal landscape, without the film explicitly affirming or denigrating queer identity. The portrayal is observational, reflecting the era's hedonism rather than offering modern commentary.

Fellini's Satyricon features characters who exhibit gender non-conformity and fluidity, such as effeminate men and eunuchs, as part of its depiction of a decadent ancient Roman society. These portrayals are incidental to the broader narrative of excess and moral ambiguity. The film neither affirms nor denigrates these identities, presenting them as elements within a chaotic world without specific positive or negative commentary on their nature. For example, the effeminate character Giton is simply part of the protagonist's tumultuous relationships.

The film portrays a society where traditional family structures, lifelong marriage, distinct gender roles, and parental authority are virtually absent or depicted as grotesque parodies. It normalizes fluid relationships, sexual freedom, and chosen, transient partnerships, presenting a world entirely devoid of traditional family values.