Álfar: These are basically your elves. Their height ranges from 5' 5" to 6' 5" for both men and women. They tend to wear clothing the mimics things found in nature, such as leaves and butterfly wings (a staple to Amena Evenwood's clothing). They try to maintain true neutrality.
Dökkálfar: The dark elves of the series. Their height is similar to that of the Álfar. They have a fondness for bright colors and expensive cloths, such as silk. They often dye their hair with streaks or tips of bright colors as well. They tend to run along the neutral evil alignment.
Vættir: They are a race of nature creatures who stand on an average of between 3' to 4' tall with tanned skin, green eyes, and brown hair with green streaks. They have a fondness of decorating their hair and clothing with beads, vines, and feathers. They are a bit mischievous and highly welcoming.
Dvergar: Basically your dwarves. They are stout, around 4' in height, love their ales, and master smiths of armor and weapons. They wear earthen tones that are often highly embellished with geometrical designs. Their most trusted allies are the Álfar.
Human: I would hope this doesn't need explaining.
Rhine Maiden: They are the spirits of the forest and rivers, which is reflected in their coloring with their skin and hair matching those of the forests and streams they call home. They are a female only race, although they can give birth to males. They are neutral good in alignment and guard Yggdrasil.
Jötunn: They are descendants of the giants of old from before the events of Ragnarök. There are four sub-races of Jötunn: storm (pictured), fire, frost, and rock. Their height averages 6' 5" to 8'5". They have become rather tribal in their means of living and try to keep to themselves in the Lithui Plains.