The Green Goblin knows how to take down Spider-Man once and for all. Unfortunately, the villain's plan may reveal Spider-Man's secret identity! The masks come off in this shocking issue!
The story opens with the sinister Green Goblin gleefully planning his next attack on his arch-enemy Spider-Man! It has been some time since his last altercation with the web-slinger, and thus he feels Spidey will be taken unaware. He has also modified his existing weapons and created a few new ones. The Goblin has teamed himself up with various villains in the past, and each time, the alliance has been his downfall. This time he knows if he is to succeed, he must do it solo. His new plan is a diabolical one: find out what Spider-Man's real identity is and reveal it to the world, after publicly defeating him!
Oblivious to the pending doom the Goblin has in store for him, Pete makes his way to Dr. Bromwell's office to check up on a nasty head-cold that he is developing. The doctor gives him a prescription and then takes the teen aside to inform him that his Aunt May is rather weak at the moment, and any sudden shock might prove fatal for her. This bit of news brings Peter down to earth, and he becomes depressed.
Making his way to school, pretty girl Gwen Stacy is determined to have the guys befriend Peter, but with his mind on Aunt May's condition, he rudely rebuffs them. In front of the school, Harry Osborn is arguing with his dominating businessman father, Norman. Pete comes up to Harry. Despite their prior differences, they manage to have a heartfelt talk and relieve some of the depression each other is feeling.
After school classes end, Peter becomes Spider-Man and takes to the sky, swinging around town to clear his head after a full day at college. He happens upon a hold-up occurring in broad daylight, on top of a building. He cannot believe how unprofessional the thieves are, pulling a robbery right in plain view. Unfortunately, Peter doesn't realize that the Green Goblin has staged the theft in an attempt to lure Spider-Man out, beginning phase one of his plan.
Spidey has the crooks on the run when one of them throws a gas bomb at him. The bomb explodes, but doesn't seem to have any noticeable effect on Spidey. However, the weapon is an invention of the Goblin's, designed to suppress Peter's spider-sense. And so it is that the Green Goblin manages to follow Spider-Man after the battle, without Pete having the slightest idea that he's being watched.
The Goblin shadows Peter down to an abandoned alley. The addled Spider-Man removes his costume and changes back into Peter Parker. Now the Goblin knows what Spider-Man looks like, and is surprised, impressed by how young he is. Following him to the Daily Bugle, he overhears someone calling out to Peter. Now the Goblin Knows Spider-Man's name. The Goblin is beside himself - his plan is working perfectly!
Peter leaves the Daily Bugle with a light heart. Although J. Jonah Jameson has skimped as usual on payment for Peter's terrific photographs, it is money in his hand that can go to Aunt May's treatment. He hurriedly makes his way home to take care of her.
As he steps up to the lawn of the Parkers' Forest Hills home, however, he is interrupted by the voice of a most unexpected visitor - The Green Goblin has arrived! As he hears the Goblin call out "Peter Parker," he realizes the Goblin has somehow discovered his secret identity. However, before he can worry about that, Peter realizes there is a more urgent issue: He must get the Green Goblin away from the house where his ailing Aunt May is resting!
Shocked by the confrontation, Pete's first instinct is to web up the Goblin, but as he prepares to shoot the webbing, he realizes he's OUT OF COSTUME! With no chance to change into Spider-Man, Pete has no choice but to tackle the Green Goblin using only his agility and bare hands, hoping to lure the villain away from the house.
The Goblin suffocates Peter with exhaust from his bat-glider. He has Pete on his toes, dodging the crackling beams from his fingertips and the sharp bat blades. It is too much for Peter to avoid, and he is taken out by an asphyxiation grenade.
The Goblin ties Peter up and flies the beaten teen out to the waterfront docks, where he has a secret hideout within one of the large warehouses. Securing Peter to a chair, the Goblin begins preparing his diabolical plans for Peter's fate. While Peter struggles to get free, the Goblin reveals the final shocker of the night. He unmasks himself in front of Peter-
and is none other than Harry’s father, NORMAN OSBORN!