At the start of this issue, Peter Parker is returning from London, where he was last issue. He thinks that although he couldn't see Gwen Stacy otherwise she'd work out he's Spider-Man, he did manage to take some pictures of Spider-Man in action, which will pay back the Daily Bugle for giving him the plane tickets. Upon Peter giving Robbie Robertson the photos, he gets worried that Robbie will work out that he's Spider-Man, but fortunately Robbie doesn't say anything.
The next day, at Empire State University, Harry Osborn tells Peter that they're all going to see Mary Jane's play in a Broadway musical. At first Peter tells Harry that he can't go, since he's broke, but Harry offers to pay for Peter. Harry also tells Peter that his father (Norman Osborn) has offered Peter a job with his company, and that he should take it. Peter is hesitant, since Norman Osborn used to be the Green Goblin before he developed amnesia, but after some thinking decides that he will take the job offer.
After visiting Norman and working out a schedule, Peter hears a police car go by. He changes to Spider-Man and follows the car, to find a stoned man on top of a building. The man jumps off the building, but Spider-Man manages to catch him in time. Afterward, he changes to his Peter Parker identity and walks to the theater, whilst thinking of how bad drugs are, and how more people need to listen when it's said how bad they are. Upon reaching the theater, Peter finds Harry and Norman Osborn, and Mary Jane. Norman mentions how he used to own the theater, whilst Mary Jane starts flirting with Peter. A few minutes later, Randy Robertson arrives, but gets into an argument with Norman over drugs.
The group then goes to watch the musical, and enjoy it until the intermission, during which Norman sees a mysterious door in the building. Peter's spider-sense starts to tingle upon seeing the door as well, and after the show he changes to Spider-Man to see what's behind the door. Meanwhile, Norman Osborn has doubled back to see what's behind the door as well. Upon Spider-Man opening it, he finds Norman dressed as the Green Goblin, promising that Spider-Man will never leave alive.
Note: This issue was not approved by the comics code authority ... it did not print the code in the cover. This issue, along with the next two issues, were extremely rare examples of Bronze or Silver Age comics not receiving the approval of the Comics Code Authority. The reason for the disapproval was due to the drug use theme in the three issues, even though Stan Lee wrote the stories from the perspective of anti-drug use.