Full story
In Mexico, Nick Fury and Maria Hill look into a strange storm and meet Quentin Beck, a man with powers who takes down a monster made of earth. In New York, Peter Parker's school is redoing the school year for the students who came back from the snap. Peter is still grieving Tony Stark and only cares about the class trip to Europe, where he plans to tell MJ how he feels. Happy tells him Fury wants to talk. Peter ignores the call.
In Venice, a water monster attacks. Peter protects his classmates, and Beck finishes off the creature. Fury corners Peter and hands him a gift from Tony: glasses that control EDITH, an AI with access to Stark's satellites and armed drones. Beck says he comes from another Earth, wiped out by four Elementals, and that the next one, made of fire, will hit Prague. Peter turns down the mission, but Fury reroutes the class trip to Prague anyway. There, Peter helps Beck beat the Fire Elemental. In Berlin, Fury talks about forming a new team. Peter decides Beck deserves it more, gives him control of EDITH and leaves.
It's all a lie. Beck is a former Stark employee, fired for being unstable, and leads a crew of bitter ex-Stark staff. The Elementals are holograms projected by drones, and Beck wants EDITH so he can become the world's next big hero, Mysterio. In Prague, MJ finds a piece of a projector in the debris. She and Peter figure out the con. Peter goes to Berlin to warn Fury but gets caught in a string of illusions staged by Beck, who tries to kill him and nearly does: Peter gets hit by a train and wakes up in the Netherlands.
Beck now plans a massive attack in London, with all the Elementals combined, and wants to kill Peter's friends who know too much. Happy picks Peter up in a jet, and Peter builds a new suit on the plane, the way Tony used to. In London, he uses his spider-sense to see through the illusions, beats Beck and takes back EDITH. Beck dies from a shot fired by one of his own drones, but first tells an accomplice to save the recordings.
Back in New York, Peter and MJ start dating, and he takes her for a swing between the buildings. In the mid-credits scene, J. Jonah Jameson airs an edited video in which Beck blames Spider-Man for the London attack and tells the world he is Peter Parker. In the final scene, Fury and Hill turn out to be the Skrulls Talos and Soren in disguise, and the real Fury is on a Skrull ship in space. What happens to Peter next is left open.