The Master and Margarita begins with an epigraph quoting Faust, a play by Johann Wolfgang von Goethe. Faust is a retelling of a traditional story in which Faust (also known as Dr. Faustus) sells his soul to the devil in exchange for knowledge and power. The story of Faust is the foundation of the idea of a Faustian pact or bargain, in which a character trades something of metaphysical importance (such as their soul) for material wealth or power. The Master and Margarita plays with the traditional interpretation of the Faustian pact. In The Master and Margarita, the devil visits the real world and makes agreements with the characters.

However, the novel diverges from the Faust story in that the character who makes a deal with the devil is not punished. Rather than swapping a soul for power and knowledge before discovering the tragic implications of this bargain, Margarita uses her deal with the devil to illustrate her innate morality. When presented with the option to ask for anything from Woland in exchange for working as the hostess at his party, Margarita asks for Frieda to be forgiven and released from her eternal torment.