Races
all.jpg
From left to right: Human Male, Human Female, Elf Male, Elf, Female, Dwarf, Myrine, Enkidu, Lapin

Names taken from the AO website.
Actual effects are unverified, but assumed to be correct

Intro

Each race can select one special race skill during character creation
Race skills are a more important factor than starting stats when creating a class

Human

human-fs.jpg Fighting Spirit Bonus damage with one-handed weapons
+10 to the Melee skill
human-ad.jpg Adaptability Reduces duration of Ailments/physical debuffs by 50%
human-ph.jpg Pharmaceutics Increases effectiveness of potions by 15%

Elf

elf-harmony.jpg Nature's Harmony Reduces MP skill costs by 15%
elf-eagle.jpg Eagle Eye Increases auto-attack range with bows/crossbow by +3
elf-stead.jpg Steadfastness Reduced duration of mental debuffs

Myrine

myrine-acute.jpg Acute Senses Increased chance of critical hits by 5%
myrine-calm.jpg Calmness Chance to convert 10% of damage taken into MP
myrine-sharp.jpg Sharpness Bonus to Evasion +5%?

Enkidu

enkidu-stone.jpg Stone Skin Reduces damage from melee attacks +10% armor defense
enkidu-strong.jpg Strong Arm +10% damage for all 2H weapons including ranged
enkidu-lapin.jpg Lapin Support Boosts Physical Defense of Lapins in party
Effect increases as the number of Lapins increases

Lapin

lapin-magic.jpg Magical Resistance +10% Magic Defense
lapin-inner.jpg Inner Light +15% MP recovery rate
lapin-enkidu.jpg Enkidu Support Boosts Magic Defense of Enkidu in party
Effect increases as number of Enkidu increases

Dwarf

dwarf-strong.jpg Stronghearted Very small chance to resist death
dwarf-spirit.jpg Dwarf Spirit +10% damage with Axe/Blunt
dwarf-filial.jpg Filial Piety Chance that you take damage instead of a
party member that is low on HP
May only work with other Dwarfs

Sources

Atlus website
Image taken from pansaga.wikiwiki.jp
pandora
Atlus forums - Classes
Atlus forums - What Class/race/nation Will You Guys Be?
Atlus forums posted by LunarisX
Atlus forums posted by Gamevet