Odin's lost eye continues to reveal secret history to Thor. Brunnhilda convinces Siegfried to leave her behind and pursue his destiny. He is tricked by Hagen (the son of Alberich), drugged, and falls in love with Gunther's sister while Gunther demands a suitable bride before he will permit them to wed. Seigfried returns to the mountain of fire and returns with Brunnhilda who he turns over to Gunther. Brunnhilda reveals that Seigfried has sworn his love to her, but Gunther's men can kill him and he's forced to withdraw the marriage pact.
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 based on the Prologue & first two acts of "Götterdämmerung" ("Twilight of the Gods"), the fourth opera. A splash page credit reads, "Based on the opera 'Götterdämmerung' by Richard Wagner as adapted by Roy Thomas."