Odin's lost eye continues to reveal more secret history to Thor. Brunnhilda hides Sieglinda, who is pregnant with Siegmund's child. Odin catches up with Brunnhilda and punishes her by making her mortal. In addition, she will be forced to be a subservient wife to the first man she meets. Meanwhile, Sieglinda gives birth to Siegfried, but she dies in childbirth. A dwarf named Mime raises Siegfried and together they forge a magical sword. Mime needs to teach Siegfried the meaning of fear and they go after Fafnir who has taken the form of a dragon.
Aside from Thor and the Eye of Odin, all characters appear in flashback.
Much of this issue is based on Richard Wagner's opera tetralogy, "Der Ring des Nibelungen" ("The Ring of the Nibelung"). This issue is specifically based on the third act of "Die Walküre" ("The Valkyrie"), and much of the first two acts of "Siegfried," the third opera.