

In an isolated mansion deep in a far away forest, the super-villain known as the Wizard has invited Medusa, the Sandman and the Trapster. He tells them that they must work together as a team in order to defeat the Fantastic Four, and that they will be called the Frightful Four. Back at the Baxter Building, the Fantastic Four are alerted to a jewellery store robbery and leave to deal with it. Herbie detects the presence of the Wizard and his new team, and they carefully prepare to deal with this new menace. Reed and Sue deal with the Wizard and Medusa while Ben and Herbie are left to stop the Trapster and the Sandman. Not properly prepared to deal with the Frightful Four, the Fantastic Four are out of their depth and the Wizard's new team manages to escape from them. As the Fantastic Four have to deal with their very public defeat, the Frightful Four begin to argue among themselves before the Wizard tells them to follow his new plan. They lure the Fantastic Four to a bank, where they begin to fight among themselves as a result of one of the Wizard's spells. During the fracas, Medusa kidnaps Herbie. After the spell has worn off, the Wizard challenges the Fantastic Four to rescue their comrade from his mansion. At the Wizard's mansion, they have to survive the many traps and liberate their friend as well as ensuring that the Frightful Four are defeated for good.
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.