Character Analysis
As one of the Old Ones, the Old Lady (a.k.a. the Lady, as she's sometimes called) is very knowledgeable and wise, but she never makes anyone feel dumb—kind of like the ultimate school librarian. She's patient with Will when he learns that he's an Old One, so when he messes up and causes her to disappear for a while, we're pretty confident she doesn't mind. She's as gentle as they come.
Just because she's bright and kind doesn't mean she's not mysterious, though—all the Old Ones seem to be, and the Lady is no exception. If her ambiguous name wasn't enough of a clue to her shadowy nature, we're also told the following:
"The lady is very old," she said in her clear young voice, "and has in her time had many, many names. Perhaps it would be best for now, Will, if you were to go on thinking of me as— the old lady." (3.37)
Um, okay—whatever you say. It seems like the Lady doesn't want Will to know too much about her yet because she's only supposed to help him with his journey at his point, hanging out in a supportive role. We have a hunch we'll see more of her later in the series, though.