Identify the types of characters in the story. Generally, the portrayal of an animal or satirical figure will determine the moral of the story. For example, the sloth of a pig can refer to the greediness of man, a tortoise can refer to age-old wisdom, and a lion can evoke strength and kingship. If the characters are not animals, the wicked might be portrayed as a sinister witch or arrogant ruler who preys on an innocent princess.
Find the main action and reaction of the characters. For example, in Aesop's fables, the story "Tortoise and the Hare" follows a tortoise challenging a hare to a race. The hare laughs at the proposal and accepts the challenge brimming with arrogance. But, because he does not take the challenge seriously, he becomes preoccupied with other things during the race and the tortoise crosses the finish line first. The moral then can be interpreted as, "Never confuse confidence for cockiness," or "Slow and steady wins the race."
Analyze the symbols in the fable. Symbols are usually metaphors that enhance the moral of the story. For example, the story of the Garden of Eden suggests that the forbidden fruit represents the knowledge of childbirth. The same symbol was popularized in the Snow White fable, in which the Evil Queen brings Snow White to temptation with a poisoned apple, suggesting that she is no longer innocent and ready to be with her Prince Charming.
Examine the time when the fable was written. Researching what was happening in the world and in the author's life during the time the fable was written can help you find the underlining meaning of the moral. For example, George Orwell wrote "Animal Farm" during Stalin's rule. Aesop, the ancient writer, wrote his famous fables as a slave. One of them, "A Bundle of Sticks," highlights how sticks are easy to break when they are separated but much harder to break when they are gathered together, perhaps an allusion to Aesop's own displacement in the world. This story eventually became popularized in the political realm. The fascists derived their name from fasces, meaning bundles of rod, and their motto was "strength in unity."