"Watchmen" features significant LGBTQ+ characters and themes, most notably the historical romantic relationship between Will Reeves and Nelson Gardner, which, despite its tragic elements, is depicted with empathy and critiques societal prejudice. Angela Abar's past relationship with Laurie Blake is also presented respectfully, contributing to a net positive and affirming portrayal.

The show reveals Hooded Justice, a character depicted as white in the original comic, to be a Black man. Additionally, Doctor Manhattan, originally established as white, is primarily portrayed as a Black man in the series.

The series portrays the misuse of Christian rhetoric and imagery by white supremacist groups as a tool for hatred and oppression, unequivocally condemning such perversions. The narrative itself does not critique Christianity as a faith, but rather the bigotry that co-opts its symbols, positioning the audience against the hateful characters.