Full story
The movie opens in the past. Richard Parker records a video explaining why he is vanishing from Oscorp and flees with Mary on a private jet. An assassin on board attacks them, the plane goes down and both die. In the present, Peter Parker juggles being Spider-Man with a normal life. He stops a truck stolen by Russian thug Aleksei Sytsevich and shows up late to his own graduation, where Gwen Stacy gives the speech. Along the way he saves Max Dillon, a lonely Oscorp engineer who starts to idolize the hero. Peter keeps seeing Captain Stacy's ghost and remembering his promise to stay away from Gwen. They break up. Gwen gets a scholarship to study at Oxford.
Harry Osborn, Peter's childhood friend, comes home to watch his father, Norman, die of a genetic disease. Before he dies, Norman warns Harry he will share the same fate. Harry takes over Oscorp. Meanwhile, Max has a lab accident, falls into a tank of modified electric eels and becomes a being of pure electricity. In Times Square, he feels ignored by his idol, causes a blackout and gets locked up at the Ravencroft Institute. Harry, desperate, decides Spider-Man's blood could save him. Peter, in the mask, refuses, afraid of what the blood might do. Harry feels betrayed. Soon after, vice president Donald Menken pushes him out of the company with a false accusation.
Harry frees Max, now Electro, in exchange for help getting into Oscorp. Inside, he injects himself with the modified spider venom. His body twists, and a special armor keeps him on his feet, but he becomes a Goblin. Peter, meanwhile, finds his father's secret lab in an abandoned subway station and watches the video from the opening: Richard ran because he refused to let Norman turn his research into a weapon. Peter and Gwen make up and decide to move to England together.
Electro blacks out the whole city. Peter and Gwen face him at a power plant and overload his body until he blows apart. Harry arrives, learns that Spider-Man is Peter and carries Gwen off to a clock tower. Peter wins the fight, but Gwen falls. His web reaches her a split second too late, and she dies. Peter buries her and gives up the suit for five months.
In prison, Harry gets a visit from a mysterious man and talks about putting a team together. Sytsevich gets a rhino suit from Oscorp and attacks the city. A kid dressed as Spider-Man stands in his way. Peter watches the video of Gwen's speech, puts the mask back on and shows up for the fight. Harry's plans are left open.