Peter Cannon became an orphan when his parents died battling the Black Plague that was sweeping through the Himalayas where they were working as medics. Because of the great work his parents had done, the High Abbot of the Himalayas oversaw Peter's upbringing and developed within him the highest level of mental and physical perfection. When Peter became of age, he was decreed "the Chosen One," the one man alive entrusted with the full knowledge of the Ancient Scrolls which contained secrets of mental and physical powers lost to the world.

When his studies were completed and the scrolls were destroyed, Peter returned to the outside world, accompanied by his lifelong friend Tabu, an orphan of Tibet. Shortly after the duo had settled in New York, the city was rocked by an assault from two dinosaurs. Behind this scheme was the Hooded One, a former student of the ancient scrolls who was bitter because Peter and not he had been deemed the Chosen One.

Cannon realised that his powers could be of aid in this crisis, yet he feared becoming involved in a modern civilisation of wars and hatreds that he wanted no part of. Tabu had the idea of adding a mask to Cannon's ld training outfit and an enterprising reporter named the lone avenger "Thunderbolt." Over the months that followed, Cannon - spurred on by Tabu - fought many threats to the innocent, all the while loathing his exposure to a civilisation he detested, yet realising the good his abilities could do.

Cannon went on to be a freelance writer, living in semi-seclusion, only occasionally making apearances as Thunderbolt.