The second of the two Great Powers of Valyria, Parliament is the bicameral legislative branch of Valyrian government. Like the Crown, the head of Parliament is also the King, however, the power in Parliament resides in its voting houses and not the King himself, who only figuratively presides over Parliament and gives his Royal Assent when Parliamentary acts, laws, measures, or bills are passed. The Lord Chancellor is the delegate of the King in Parliament, presiding over the upper house in his stead. The Lord Chancellor has possession of the Great Seal of Valyria and uses it to ratify the laws Parliament passes.

Parliament in Valyria is bicameral, with a House of High Lords of sitting magnates and a House Comitates of knights and burgesses, with the latter being the lower of the two houses. Bills and laws may originate in any house, but those which originate in the House Comitates must first be approved by the House of High Lords before receiving Assent and endorsement by the Great Seal. Bills originating in the House of High Lords which are approved may pass directly under the Great Seal.

The King has the power to veto any act passed by Parliament, and also has the right to insist that any topic which affects the interests of his royal person receive his Consent first. Parliament has the power to overturn royal veto and force its own measures into law by holding a vote in which 75% of both their houses approve of the measure.

As noted above, the House of High Lords is presided over by the Lord Chancellor, who bears the Great Seal of Valyria. The House Comitates is headed by an interlocutor elected from among its members called simply, the Speaker of the House. Both the Lord Chancellor and the Speaker are responsible for the conducting of business on the floors of their houses, and for the timing of the introduction of bills. Parliamentary Procedure is mentioned briefly in the Great Charter of Valyria, but the full establishment of the rules of both these houses is carried out on an ongoing basis by the interlocutors.

The operations of the Parliament are described in the second section of the Great Charter of Valyria.