Weekend Update has been a platform for Saturday Night Live characters to grow and gain popularity ever since Gilda Radner used it to create Emily Litella and Roseanne Roseannadanna. Many cast members have used Update as the primary vehicle for a certain character. Don Novello was featured almost exclusively on the news segment as his breakout character, Father Guido Sarducci, and Tim Kazurinsky, in the face of Eddie Murphy's overshadowing popularity, created characters almost exclusively for Update. Before becoming an anchor on Update, Colin Quinn used the segment as his main sounding board as well.

Significant characters who appeared chiefly on Weekend Update are listed here in chronological order of their first appearance.