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In a desert, Gorr watches his daughter, Love, die of hunger and thirst. When he finally finds his god, Rapu, the god mocks his suffering. The Necrosword, a god-killing weapon, calls to Gorr, and he kills Rapu on the spot. The sword gives him power over shadows but slowly eats away at him. Gorr vows to kill every god and becomes Gorr the God Butcher.
Thor has been traveling with the Guardians of the Galaxy since the fight with Thanos, trying to figure out what his life is for. A distress call from Sif leads him to a planet where she lies wounded and warns that Gorr will strike New Asgard. He says goodbye to the Guardians and heads back with Korg. Meanwhile, Jane Foster learns she has late-stage cancer. With chemo not working, she goes to New Asgard looking for a cure. The pieces of Mjolnir, which Thor once asked to protect her, come back together and the hammer chooses Jane.
Gorr attacks New Asgard. Thor arrives and is stunned to see Jane as the Mighty Thor. The two of them, Valkyrie and Korg drive Gorr off, but he takes the Asgardian children into the Shadow Realm. The four go to Omnipotence City to ask the gods for an army. Zeus, afraid, refuses and orders them captured. Thor grabs Zeus's thunderbolt and runs him through with it, and Valkyrie takes the weapon in the escape. Korg gets shattered but survives as a talking head. On the way, Jane tells Valkyrie the truth: the hammer drains the energy her body would use to fight the cancer, and every transformation makes her worse.
In the Shadow Realm, Jane realizes it's a trap. Gorr wants Stormbreaker to open the door to Eternity, a being at the center of the universe that grants one wish, so he can wipe out all the gods. She throws the axe away, but Gorr steals it anyway. Jane, too weak, is left behind. Thor shares some of his power with the children, and they fight at Eternity's altar while he takes on Gorr. As Gorr is about to kill Thor, Jane shows up with Mjolnir, knowing it will kill her. Together they destroy the Necrosword.
Before Eternity, Thor asks Gorr to wish for love, not revenge. Gorr asks for his daughter back and, before he dies, asks Thor to look after her. Jane dies in Thor's arms. He adopts Love, and the two set off on adventures together. Valkyrie stays on as king of New Asgard. In the mid-credits scene, Zeus, still alive, sends his son Hercules to kill Thor. In the final scene, Jane arrives in Valhalla and is greeted by Heimdall. Zeus's revenge is left open.