Baldr has been having nightmares. Odin rides to Hel to investigate. He finds the grave of a völva and resurrects her. Their conversation follows, where the völva tells Odin about Baldr's fate. In the end Odin asks her a question which reveals his identity and the völva tells him to ride home.
The poem is one of the shortest Eddic poems, consisting of 14 fornyrðislag stanzas. Some late paper manuscripts contain about five more stanzas, those are thought to be of young origin. Sophus Bugge believed them to have been composed by the author of Forspjallsljóð. Bellows on the other hand suggest the poem is older but could not date earlier than the tenth century.
The confrontation between The Wanderer (Wotan) and Erda in Act 3, Scene 1 of Richard Wagner's opera Siegfried is based upon Baldrs draumar.