Based on the god of the same name from Norse mythology, Odin is the son of Bor (father, one of the first Asgardians) and Bestla (mother, a frost giantess). Bor and Bestla also have two other sons, Vili and Ve. He claims to have created humans as he felt the world was lonely. But his father was angry and created things to plague humanity. With the aid of his brothers, a young Odin battles and defeats the fire demon Surtur. Many millennia later, Odin would reveal the origin of his powers and the eventual fate of his brothers; they were killed by Surtur, but gave their power to Odin. Later Surtur was imprisoned inside the Earth for centuries by Odin after forming an alliance with the trolls. Odin becomes ruler of Asgard, and eventually falls in love with Gaea, in time becoming the father of the Thunder God Thor as he wanted a son who would be strong on both Asgard and Earth. He creates a cave in Norway for her to give birth in. He notices that Thor's eyes are those of Bor's though, and realizes one day 'the wheel will turn again'. He then returns to Asgard with Thor, and his wife Frigga acts as Thor's mother. Odin is also the adoptive father of Loki, a child of Giant blood whose father King Laufey is killed by Odin in battle. Odin adopted Loki as part of a deal with his father Bor's spirit so that Bor would stop haunting him for replacing him, unaware that Bor's intention was that the child would bring about his son's downfall. Despite Odin's best intentions, his sons become bitter enemies, with the feuding often requiring Odin's mediation. Odin also was the father of Balder by the way of Frigga; thus, Balder is a half-brother to Thor.

As King of the Norse Gods, Odin possesses vast strength, durability far greater than a normal Asgardian, along with resistance to all Earthly diseases and toxins, some resistance to magic, and courtesy of the Golden Apples of Idunn, a greatly extended lifespan. Odin has all the abilities of his son Thor, but to a much greater degree. Odin is capable of manipulating the Odin Force - a powerful source of energy - for a number of purposes, including energy projection; creation of illusions and force fields; levitation; molecular manipulation, communicating telepathically with other Asgardians even if they be on Earth and he in Asgard, hypnotizing humans; channelling lightning to Earth from Asgard, controlling the lifeforces of all Asgardians, and teleportation. The character has also used the Odinpower for greater feats such as transporting the entire human race to an alternate dimension; stopping time; pulling remains of distant planets towards Earth, compressing the population of an entire planet into a single being, the Mangog and then recreating the race and taking a soul away from the arch-demon Mephisto. At last, the Odinforce extends Odin's power to a galactic level, making him one of the most powerful Gods in the Marvel Universe.

In battles against opponents of similar power, Odin carries the magical spear Gungnir ("The Spear of Heaven"), an artifact made of the metal uru, that can be used to channel the Odin Force. Even without the Odinforce it can still match Thor's hammer in battle. Once a year, during the Asgardian winter, Odin must undertake the Odinsleep for 24 hours to regenerate (and is closely guarded as he is vulnerable during this period), although he can be wakened by potent spells, such as those of Karnilla the Norn Queen.

Odin is also a master tactician and schemer, and has prevented Ragnarok, and planned for centuries for the coming of the Celestial Fourth Host. The character also on occasion uses the eight-legged steed Sleipnirthe and the enchanted ship Skipbladnir, which can navigate the "sea of space" and be shrunk to the size of a toy.