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The First Lay of Guthrun, entitled in the Codex Regius simply Guthrunarkvitha, immediately follows the remaining fragment of the "long" Sigurth lay in that manuscript. Unlike the poems dealing with the earlier part of the Sigurth cycle, the so-called Reginsmol, Fafnismol, and Sigrdrifumol, it is a clear and distinct unit, apparently complete and with few and minor interpolations. It is also one of the finest poems in the entire collection, with an extraordinary emotional intensity and dramatic force. None of its stanzas are quoted elsewhere, and it is altogether probable that the compilers of the Volsungasaga were unfamiliar with it, for they do not mention the sister and daughter of Gjuki who appear in this poem, or Herborg, "queen of the Huns" (stanza 6).

The lament of Guthrun (Kriemhild) is almost certainly among the oldest parts of the story. The lament was one of the earliest forms of poetry to develop among the Germanic peoples, and I suspect, though the matter is not susceptible of proof, that the lament of Sigurth's wife had assumed lyric form as early as the seventh century, and reached the North in that shape rather than in prose tradition (cf. Guthrunarkvitha II, introductory note). We find traces of it in the seventeenth Aventiure of the Nibelungenlied, and in the poems of the Edda it dominates every appearance of Guthrun. The two first Guthrun lays (I and II) are both laments, one for Sigurth's death and the other including both that and the lament over the slaying of her brothers; the lament theme is apparent in the third Guthrun lay and in the Guthrunarhvot.

In their present forms the second Guthrun lay is undoubtedly older than the first; in the prose following the Brot the annotator refers to the "old" Guthrun lay in terms which can apply only to the second in the collection. The shorter and "first" lay, therefore, can scarcely have been composed much before the year 1000, and may be somewhat later. The poet appears to have known and made use of the older lament; stanza 17, for example, is a close parallel to stanza 2 of the earlier poem; but whatever material he used he fitted into a definite poetic scheme of his