

In Europe, a large power plant sinks into the ground, the latest such occurrence. The Fantastic Four are contacted for help, and Reed mentions that a mysterious individual known as the Mole Man is the one who is apparently responsible for the power plants' disappearances. After feeding him the necessary data, Herbie predicts the next plant to disappear will be Russia's largest power plant. The Four travel to Russia and witness the power plant sinking into the Earth's surface. After other plants are sunk into the ground, Herbie tracks the Mole Man's base to the legendary Monster Isle, and the team sets out to find him. Experiencing bad weather conditions, the Four are forced to land on the island, with Ben and Herbie ending up in the Mole Man's lair. He tells them of how he was once a respected scientist who was convinced of the existence of Monster Isle and was ridiculed because of it. He eventually found the island and discovered strange mindless creatures that regarded him as their god. Having dwelt in the darkness for so long also made him develop a radar sense which he demonstrates by avoiding one of Ben's attacks. With Ben and Herbie helpless, the Mole Man tells them that he intends to make the world defenseless while his subterranean armies take over the surface. Reed and Sue track Ben and Herbie down, and together they must stop the Mole Man's armies and return all of the captured power plants to the surface.
Above the Earth, a meteor shower damages an alien spacecraft, which then falls down to the planet's surface. A giant humanoid alien emerges and makes its way towards New York. In the Fantastic Four's headquarters in the Baxter Building, Ben is helping Reed to install some heavy equipment when they are alerted to the alien's presence in the city by Herbie and Sue. Reed, Sue and Ben board the Fantasticar and find the alien threatening a city bridge, at the same time as the army, air force and navy mobilise themselves for an assault on the alien. Meanwhile, the alien has badly damaged the bridge, leaving it up to Ben and Reed to fix it while Sue follows the alien. It attacks the Fantasticar and captures Sue, forcing the planned air strike against the creature to be called off. Sue turns invisible and manages to escape from the alien, and Herbie informs the rest of the team that according to his analysis of the alien's thought patterns, any harm to the alien would place the whole planet in jeopardy. Sue turns the alien invisible so that the army has nothing to fire at and the Four return it to the crashed spaceship. The Four then have to protect the alien from the army and find out its secret.

Magneto travels to New York, seeking out the Fantastic Four. He uses his magnetic powers to break into the Baxter Building and challenges Reed for leadership of the team. Magneto battles Reed, and manages to defeat him, becoming the new leader of the Fantastic Four in the process. For the new team's first mission, Magneto claims that he has learnt that the City National Bank is about to be robbed, and after Reed insists that they follow Magneto's orders, the Four go to the bank and confound the robbers' plans by removing the money themselves for safekeeping. Magneto takes the money away himself to a secret location so the robbers will not be able to find it. After the rest of the team return to their base, Reed discovers proof that Magneto intends to keep all of the money for himself. He reveals that he only pretended to be defeated by Magneto in order to discover what he was up to. Now fully aware of Magneto's treachery, Reed once again commands the team into a battle with Magneto in order to discover what he was up to. Now fully aware of Magneto's treachery, Reed once again commands the team into a battle with Magneto in order to defeat him and return the money.