The Immortal And The Mind-Slave! Thor returns to his office to find someone inside waiting for him. Unable to enter through his usual window-way entry, Thor climbs his office building and changes into Donald Blake on the roof before entering his office through the main entrance. As it turns out, it is Jim North, the doctor with whom Jane Foster has been working since she left Blake's employ. North has come to tell Blake that Jane is in danger and hands him a letter written by ruthless billionaire Kornin Krask.
The letter reads that Krask has kidnapped Jane Foster to force North into performing a forbidden experiment for him. After reading the letter himself, Blake inquires why Jim didn't go to the police. Jim explains that due to Krask's wealth and influence, the letter would be dismissed as a hoax, and he came to Donald for help because he is the only person who knows how to contact Thor. Blake tells Jim to leave and that he will see what he can do.
Blake begins praying to his father to bring good fortune, and the thoughts reach Odin. Made curious of these thoughts, the All-Father uses a "visi-scan" to examine the realms he rules over. He sees Loki trying to rally support for some scheme and Balder being cared for by Karnilla following his battle with the Thermal Man. His last look is upon the mortal visage of Kornin Krask, whom Odin feels will be no match against his son, the God of Thunder.
Later on Earth, Jim North has been instructed by Donald Blake to go to the home of Kornin Krask and is admitted into the property by Krask's private army. There he is brought before Krask, who brings out Jane to show that she is alive. Then, in a moment of poorly planned bravery, North pulls out a revolver and tries to force Krask to turn over Jane. However, Krask's army soon trains their guns on Jim, forcing him to turn over his gun. Krask explains to Jim that he intends to force him to assist Dr. Waghastein (whom Krask has also captured) in performing the first even mind transfer. Krask explains that he wants to escape mortality and cheat death. With no options available, North agrees to aid Krask's mad scheme even though it's unlikely he'll let them live after.
While back in the city, Don Blake transforms into Thor and rushes to Krask's private estate. Unaware that Krask had intended Thor to get involved, his men are armed with devices tailored to incapacitate the Thunder God. Initially, Thor proves too strong for his attackers. However, they use a special cannon that fires a hallucinogenic spray that is powerful enough to knock Thor out.
As the surgery is being prepped, Jim and Jane are horrified to find that the body that Krask intends to have his mind transferred into is none other than Thor. The procedure would involve using an Ultra-Oscilloscope, a device that would swap the minds of two beings. With Jane's life at risk, Jim North breaks down and agrees to continue the operation. Activating the machine, the mind-swapping process begins. However, the minds of Krask and Thor begin a struggle halfway. A struggle that Thor wins, seemingly sending Krask's mind back into his body, which then dies.
Released from his hold, Thor consoles Jim and Jane, telling them that they were not at fault for what had happened and that Krask met his end, thinking he could defeat the mind of an immortal. With Krask defeated, Thor leaves the two lovers behind.