Magnússon and Morris remained the only English translation of Volsunga saga until Margaret Schlauch's version in 1930. As such it influenced such writers as Andrew Lang, who adapted it in his Red Fairy Book, and J. R. R. Tolkien, who read it in his student days. In a letter, Tolkien mentions that he wished to imitate Morris's romances, and indeed among his works is a version of the Sigurd story, The Legend of Sigurd and Gudrun (published posthumously in 2009). Stefan Arvidsson compares Morris's Sigurd and Tolkien's Legend:
In contrast to Morris’ work, written as it is in heavily archaic, difficult-to-penetrate prose, Tolkien's recently-published draft was closer in both style and content to the heroic sagas of The Poetic Edda.
Other authors have been inspired more or less directly by the Volsung cycle, following Morris' lead. For example Kevin Crossley-Holland published his own translation of the myths, Axe-age, Wolf-age.