Hoenir is one of the Aesir hostages that is exchanged with the Vanir at the end of the Aesir-Vanir war. The Vanir are quite impressed with his wisdom, until they realize that all decisions come from his brother Mimir.

Hoenir is sometimes interchanged with Vili in the creation story of humans. This would make him the god that gave wisdom and will to humans. This would significantly alter his role, as he would then also be one of the founders of the Vanir family. It would not make sense for him to be exchanged as a hostage on behalf of the Aesir to the Vanir, which would grow fed up with him.

Hoenir is destined to survive Ragnarok as one of the few Aesir.