It's been two years since his last transformation and David 'Banion' has developed a new gamma transponder at the Joshua-Lambert institute that he hopes will cure him of his inner monster forever. But when a former student unearths the frozen tomb of an ancient Norse God, the Mighty Thor is unleashed upon 20th century society. Both Hulk and Thor initially clash, but later become allies to save both the transponder and the woman Banner loves.

Continuing in the attempt to rid himself of his savage alter ego, janitor David 'Bellomet' sneaks into a government research lab run by Dr. Ronald Pratt hoping to find a solution. When Pratt discovers David's plight, he offers to help, but a beautiful spy who's out to steal Pratt's research for terrorists forces Banner to choose between love and loyalty, good and evil, and ultimately, life and death.