By far the most interpreted and critiqued section of this act is Shylock's famous speech:

"Hath not a Jew eyes? Hath not a Jew hands, organs, dimensions, senses, affections, passions; fed with the same food, hurt with the same weapons, subject to the same diseases, healed by the same means, warmed and cooked by the same winter and summer as a Christian is? If you prick us do we not bleed? If you tickle us do we not laugh? If you poison us do we not die? And if you wrong us shall we not revenge? If we are like you in the rest, we will resemble you in that. If a Jew wrong a Christian, what is his humility? Revenge. If a Christian wrong a Jew, what should his sufferance be by Christian example? Why, revenge. The villainy you teach me I will execute, and it shall go hard but I will better the instruction."

This passage has been interpreted in many ways, from comedic to villainous to tragic. In the twentieth century, it has almost always taken on a tragic character as a result of WWII. Shylock speaks the lines to defend his resolution to take a pound of Antonio's flesh. However, the passage is difficult to interpret because of Shylock's position in the society. As a Jew, he could not have been on the street screaming for revenge, since this would only lead to more persecution. Thus, one interpretation has taken the lines to be comic, in the sense of using comedy as a mask to hide fear. Like a child who makes jokes out of insecurity, Shylock tries to defend his right to exact the pound of flesh.

Bassanio's choosing from the caskets has also generated controversy. Portia first begs Bassanio to wait at least a month, hoping to spend time with him before he chooses among the caskets. When he refuses to wait, she plays music for him. Some scholars have noted that each of the rhymes of the song rhyme with lead, thus providing a subconscious hint. What is interesting is that Bassanio differs from the other suitors in not reading the inscriptions. Thus he is forced to choose with his eyes alone, saying, "Therefore, thou gaudy gold, / hard food for Midas, I will none of thee. / Nor none of thee, thou pale and common drudge / Tween man and man". He refers to the fact that gold denotes greed, and thus is worthless as it was for Midas who could not even eat his food because it turned to gold on him. Silver represents money, or coins, passing between men and therefore Bassanio rejects it as well. The lead casket symbolizes his penchant for risk-taking, and indeed the scroll reads as much, "must hazard all he has." Bassanio is an insider, a risk-taker who likes the threat that lead poses, and a man who espouses the Christian ideal of "the last shall be first."

The fact that Bassanio is able to choose the casket without reading the inscription is in some sense born out by the scroll. The scroll says, "You that choose not by the view / Chance as fair and choose as true". However, there is a converse to Bassanio's risk-taking, namely Portia. Portia takes her own risk each time suitor chooses, and is forced to give Bassanio all that she has. "Myself and what is mine is now to you and what is yours converted". She does not have a choice in this matter, since it is ordained by her dead father's will.

Portia further gives Bassanio a ring, making him promise to wear it forever. This is an inversion of the marriage ceremony, and is her way of testing Bassanio's fidelity and love. In Shakespeare's time it was more often the women who were accused of infidelity, tricking their husbands. Portia cleverly reverses this by making Bassanio swear to keep the faith with her.

The imagery of sheep emerges again in this act, this time in a Christian setting rather than a Jewish one. Graziano says, "We are the Jasons; we have won the fleece". This Christian take on the sheep imagery is interesting because it is so different from Shylock's interpretation. Rather than make money breed, the Christians prefer to risk everything in search of gaining everything.

Bassanio requires this interpretation, he is after all a gentleman, and therefore considers monetary issues to be beneath him. This is in opposition even to Antonio, who still regards money as a necessity. Bassanio prefers instead to rely on his breeding for success. He tells Portia, "I freely told you all the wealth I had / Ran in my veins: I was a gentleman;".

There has been a great deal of scholarly interest in the relationship between Bassanio and Antonio. Antonio's comments and undeniable willingness to support Bassanio have led many to conclude that there is a homoerotic undercurrent to their relationship. Indeed, Antonio's desire at the end is not to keep his life but rather that, "Pray God Bassanio come / To see me pay his debt, and then I care not". Although it may stretch the plot to argue for a homosexual relationship between the two men, what cannot be disregarded is the way in which Portia carefully removes Antonio from the plot at the end. This will be seen later in the play, where she is the one to free him from the contract, and is later the person to inform him about his ships. Thus any relationship between Antonio and Bassanio is trumped by the marriage with Portia, who will further draw Bassanio to her by playing a ring trick on him (see acts four and five).

The fact that women never explicitly appear in Venice is reinforced in this act as well. Portia and Nerissa must first pretend to go to a monastery in order to escape from Belmont, where Lorenzo and Jessica are staying. Portia also contrives to dress them as men in order to go to Venice. She further uses her kinship with Doctor Bellario to give her credibility and allow her to control the actions in the upcoming scenes. However, what can never be denied is the fact that Portia still relies on a man for her credibility, and requires a man's dress in order to alter events in the play.