I haven't really thought this out thoroughly yet, but this is what I've come up with so far:
The Old Elves worship a group of deities much like the Celts/Irish.
Dwarves worship Norse-like gods. Their religion revolves around honor, respect, and oaths. They are pessimistic in their religious views and know that the end will come... perhaps tomorrow, perhaps a decade from now... so they live for today.
Sanctuary Elves worship a male and female deity. The religion revolves around balance and simplicity of living. The Elders used this as a basis of brainwashing.
Humans have only The One God, much like Christianity/Judaism. The religion revolves around freedom of will. Their god is demanding but forgiving; the Priests often corrupt this religion and shape it to serve their will, rather than their God's will.
The only reason these are categorized by race is because in their respective countries and territories (which I have not given names to or mapped out quite yet), that is the dominant religion. Humans can convert to the Old Elven religion easily enough; and if one outside of a religion chooses to, he or she can invoke or evoke a God not of their own religion. All Gods coexist; they form their own pantheon that live seperately, yet side-by-side of one another. The One God is the only one that really stands out; he teaches his followers to forsake all others for him and him alone, and they will be rewarded in the Afterlife. But the Priests interpret this differently, and cause within the followers; therefore, followers of The One God are ruled by fear and rarely desert their religion for another. Also, there are atheists out there, though these types tend to be more along the lines of scholars or people who simply do not dwell much on spirituality or religion, such as Alchemists.