There are five playable races in Might and Magic Book One: The Secret of the Inner Sanctum: humans, elves, dwarves, gnomes, and half-orcs.
Human[]
Choosing to be a human has no effect on the character's attributes. Humans have a strong resistance to fear, and some resistance to sleep spells.
Crag the Hack and Serena are the pre-made human characters in the game.
Elf[]
Choosing to be an elf gives characters +1 intellect and accuracy, and -1 might and endurance. Elves have a strong resistance to fear.
Wizz Bane is the pre-made elf character in the game.
Dwarf[]
Choosing to be a dwarf gives characters +1 endurance and luck, and -1 intellect and speed. Dwarves have some resistance to poison.
Sir Galand is the pre-made dwarf character in the game.
Gnome[]
Choosing to be a gnome gives characters +2 luck, and -1 speed and accuracy. Gnomes have some resistance to magic spells.
Swifty Sarg is the pre-made gnome character in the game.
Half-orc[]
Choosing to be a half-orc gives characters +1 might and endurance, and -1 intellect, personality, and luck. Half-orcs have moderate resistance to sleep spells.
Zenon III is the pre-made half-orc character in the game.