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The soul has the power to punish only when it has been mistreated. Deities ( kamuy ), in contrast, possess the power to punish or reward at will. Some scholars believe that among the Ainu nature is equated with the deities. Others claim that only certain members of the universe are deified.

The Ainu consider all animal deities to be exactly like humans in appearance and to live just like humans in their own divine country—an important point in Ainu religion.

Evil spirits and demons—called variously oyasi, wenkamuy (evil deity), etc.—constitute another group of beings in the universe who are more powerful than humans. They exercise their destructive power by causing misfortunes such as epidemics. The smallpox deity is an example. Some of them are intrinsic or by definition bona fide demons, whereas others become demons. For example, if a soul is mistreated after the death of its owner, it turns into a demon. The Ainu devote a great deal of attention to evil spirits and demons by observing religious rules and performing exorcism rites. Human combat with demons is a major theme in Ainu epic poems

Shamanism is not an exclusively male role. Sakhalin Ainu shamanism differs considerably from Hokkaidō Ainu shamanism. Among the Sakhalin Ainu, with regard to the symbolic structure, the shamanistic ritual represents the process of cooking, a role assigned to women in Ainu society. Shamanism is highly valued among the Sakhalin Ainu, and highly regarded members of society of both sexes, including heads of settlements, may become shamans. Although shamans sometimes perform rites for divinations of various sorts and for miracles, most rites are performed to diagnose and cure illnesses. When shamans are possessed by spirits, they enter a trance and the spirit speaks through their mouths, providing the client with necessary information such as the diagnosis and cure of an illness or the location of a missing object.

Among the Hokkaidō Ainu, shamanism is not highly regarded and shamans are usually women, who collectively have lower social status than men.

Male elders must consult a shaman before they make important decisions for the community.

Among the rich and varied Ainu religious beliefs and practices, the bear ceremony is perhaps the most important religious ceremony among both the Sakhalin and Hokkaidō Ainu, for whom the bear represents the supreme deity in disguise.

The bear ceremony combines deeply religious elements with the merriment of eating, drinking, singing, and dancing. All participants don their finest clothing and adornments. Prayers are offered to the goddess of the hearth and the deity of the house, but the major focus of the ceremony is on the deity of the mountains, who is believed to have sent the bear as a gift to humans. After the bear is taken out of the "bear house," situated southwest of the house, the bear is killed. The Sakhalin Ainu kill the bear with two pointed arrows, while the Hokkaidō Ainu use blunt arrows before they fatally shoot the bear with pointed arrows, and then strangle the dead or dying bear between two logs. Male elders skin and dress the bear, which is placed in front of the altar hung with treasures.

The mythic and heroic epics are long and complex; some heroic epics have as many as 15,000 verses. While the mythic epics relate the activities of deities, the heroic epics are about the culture hero who, with the aid of the deities, fought demons to save the Ainu and became the founder of the Ainu people. Among the Hokkaidō Ainu, the culture hero descended from the world of the deities in the sky and taught the Ainu their way of life, including fishing and hunting and the rituals and rules governing human society. Some scholars contend that the battles fought by the culture hero are battles that the Ainu once fought against invading peoples.