Disney+'s Loki revealed its big bad in the second episode seemingly by revealing the Evil Loki Variant as Lady Loki. Though there is still the chance there is another Big Bad in Loki, Lady Loki showing up isn't a huge surprise. Comic fans know this version represents one of the most dynamic chapters in the iconic character's long history.
Lady Loki is a relatively recent addition to the Loki mythos, but she's become a critical component of the character's modern comic book life. She also has ties to Loki's mythological roots, where the God of Mischief has always been a shapeshifter capable of taking on any form he wishes.
From The Ashes Of Ragnarok
Lady Loki is born of the most foundational aspect of the Asgardian mythology in the comics: Ragnarok. The cyclical doom of Asgard undoes the magical realm in Thor #80–85 from 2004.
In this storyline, Surtur destroys Asgard as he does in other comics and in the Thor: Ragnarok movie. Loki dies, brutally, and it seems this is the end for the character after decades of fighting with his brother. But as with Asgard itself, Loki is a constant cycle of death and rebirth and it wasn't the end for him.
Reborn In The Body Of Sif
In 2008, Loki is reborn. It's not as simple as being reborn as a woman, though and comic fans know it's much more complicated. Loki actually returns in the body of Lady Sif, an ally and sometimes love interest of Thor.
She first appears in the third volume of the Thor title, in issue #5 in 2008. Lady Loki retains all of Loki's personality, skills, and flaws, meaning she was very quickly back to her conniving ways. Right out of the gate, she conspired with Doctor Doom, one of the most heinous Marvel supervillains.
Seeking Hela
Lady Loki would seek out another major Marvel villain to aid her. Loki wanted to be transformed back into her male form and she asked Hela, the Goddess of Death, to do it. Hela did so, but things went predictably sideways. Loki gains a new perspective on his life when he goes back in time to get revenge on Bor, the man who murdered his true Frost Giant father.
Inadvertently, Loki causes the events of his origin. With a new perspective, he goes back to Hela and asks to be changed back into his female form.
Impersonating The Scarlet Witch
Though she had a new understanding of her past and herself, Loki wasn't done messing around with people. One of the most significant episodes of Lady Loki's tenure involved her impersonating the Scarlet Witch. She manipulates the Avengers into going into battle against Cthon, the Lord of Chaos Magic and source of Wanda's powers.
This was part of a broader gambit on Loki's part to insert herself into the framework of the Avengers, which at the time, was actually being run by Norman Osborn, the former Green Goblin and arch-enemy of Spider-Man.
The Cabal
Loki schemes her way into joining the Cabal, the secret group of supervillains organized by Norman Osborn. The team included some of Marvel's most infamous baddies, including Doctor Doom and the White Queen. Loki's primary motive is to get Asgard - which at this time was located on Earth - back to its celestial place.
After manipulating Thor into killing his own grandfather, Loki assumes control of Asgardian affairs and moves the surviving population to Latveria, one of Marvel's most important fictional countries.
Secret Invasion
Lady Loki is potentially a character who could appear in the Secret Invasion Disney+ series, given her role in the comics. During the massive invasion of Earth by the Skrulls, Loki uses the opportunity to get some revenge.
She tells the Asgardians that Beta Ray Bill is a Skrull, though this isn't true. This lie is eventually undone by Thor and Beta Ray Bill is saved, but it proved a costly distraction during the cataclysmic events of the comic book storyline.
Separation From Sif
Lady Sif is eventually discovered in the body of an elderly human woman. With the help of Thor, Loki is then restored to his original form and Sif gets her body - which had been Loki's to that point - back.
This change occurred in Thor #602 in 2009. This seemed to mark the end for the Lady Loki version of the character in the comics, but comics fans know she would remain a key piece of the character's future as he moved into the 2010s and beyond.
Agent Of Asgard
With Loki back in his male form, it seemed Lady Loki was part of the past. But she reappeared again in the pages of the comic book series Loki: Agent Of Asgard. Now working as an operative for the All-Mother, Loki goes on a trip through time and space and ultimately encounters a version of Lady Loki again.
Loki also encounters King Loki, an evil future version of himself who could in fact be the true Evil Variant Loki at work in the Loki series. Loki is ultimately able to defeat the Old King Loki and goes on in his adventures in the comics.
The Tenth Realm
Though Lady Loki's reign in Marvel Comics was relatively brief, her impact on the character and on Marvel lore was significant. Though Loki has since gone back to being a male in the main Marvel continuity, The Tenth Realm established it's not that simple.
This 2014 comic book established that Loki is genderfluid, which means Lady Loki could return really at any time. It's in keeping with Loki's comic book and mythological past, where he is a shapeshifter able to take on any form he wishes.
Double Trouble
Lady Loki recently returned in Thor & Loki: Double Trouble, a comic out of main continuity and aimed more at a younger audience. The storyline follows Thor and his brother Loki as they try to navigate a new timeline where Jane Foster is Thor. Lady Loki shows up to complicate things, as she usually does.
Though this Lady Loki is from a different reality, it's relatively common for Marvel to cross popular alternate takes on classic characters into the main Marvel universe of Earth-616. The most high-profile example is Miles Morales, the Ultimate Spider-Man.