It opens by announcing that these are the hidden words the living Jesus spoke, written down by Didymos Judas Thomas, and that whoever finds their interpretation will not taste death. What follows is a list. There is no birth, no baptism, no miracles, no journey to Jerusalem, no arrest, no cross, no empty tomb. Sayings are introduced by little more than "Jesus said", occasionally with a disciple's question to prompt them, and they are not arranged by theme or by any evident argument.
About half have recognisable synoptic parallels: the sower, the mustard seed, the wicked tenants, the pearl of great price, the lost sheep, the blind leading the blind, a prophet without honour. Some sit very close to the canonical wording; others are shorter and lack the allegorical explanations that Matthew and Mark attach. A second group is unique, and includes two parables of loss that nobody else records, the woman whose jar of meal empties through a crack on the road, and the man who tests his strength by driving a sword through his own wall before killing.
The theology is a theology of recognition rather than of atonement. The kingdom is not chiefly future; it is spread out on the earth and people do not see it. Salvation comes through understanding the sayings and knowing where one came from, and the reader who finds the interpretation escapes death. Saying 77 is the clearest statement of the underlying idea: Jesus identifies himself as the light over all things, from whom all came and to whom all returns, and then says that he is present in the split log and under the lifted stone. In the Greek of P.Oxy. 1 that second half stands attached to a different saying, one of several signs that the collection's contents circulated in more than one order.
The final saying, 114, has Peter demand that Mary leave the group because women are not worthy of life, and Jesus reply that he will lead her so as to make her male, since every woman who makes herself male will enter the kingdom. It is the most discussed line in the book, and it reads oddly against sayings elsewhere that dissolve the male and female distinction rather than resolving it in one direction.