Our story begins with a narrative as seen through the eyes of American newspaper reporter Steve Martin: 

"This is Tokyo, once a city of six million people. What has happened here was caused by a force which, up until a few days ago, was entirely beyond the scope of man's imagination. Tokyo, a smoldering memorial to the unknown; an unknown, which at this moment still prevails and could, at any time, lash out with its terrible destruction anywhere else in the world. There were once many people here who could have told of what they saw; now there are only a few. 
"My name is Steve Martin. I'm a foreign correspondent for United World News. I was headed for an assignment in Cairo, when I stopped off in Tokyo for a social call. But it turned out to be a visit to the living Hell of another world. 
"Emergency hospitals were overflowing with the maimed and the dead. For the living, the horror of last night was over. The only thought left was the paralyzing fear that it could happen again today...or tomorrow....."

The wreckage of Tokyo lay like an open wound; the smoke curled up toward the Heavens, as though it were pleading with God to have mercy. The mangled wreck of the buildings' architecture stuck up in the sky like the legs of a dead animal; death was everywhere.

Steve's mind flashed back to the events of a few days before. A ship had mysteriously disappeared from the face of the ocean, and then another, and another. Worried, the Japanese gov't had sent a crew to nearby Oto Island. They had questioned the natives who lived there. The natives had seen a survivor of the sinkings, and asked him what he saw, but his injuries were to the extent that he died before he could tell them. 

Steve had gone with them to the island. But during the night, the wind began to rise, whipping the trees to violent frenzy. Lightning flashed; thunder crashed. The natives began to scream in terror. In the distance, and becoming louder as they neared, was the sound of ...giant footsteps? A husband and wife were killed that night, orphaning a seventeen year old boy named Shinkichi.

The doctor was kind enough to take Shinkichi into his own home. Dr. Kyohei Yamane was a famed scientist; his daughter Emiko was engaged to be married to his good friend Dr. Daisuke Serizawa. Emiko's real love, however, was not for Serizawa, but for a marine named Ogata. The three of them, along with Steve himself, returned to the island, only to come face to face with the most horrible monstrosity Steve Martin had ever seen. The natives of the island had always feared this moment, when the monster they called "Godzilla" would return to walk among them again. Now their greatest fear had come to pass.

The dumbfounded officials return to Japan, where it was discussed how to be rid of Godzilla. It was feared that Godzilla would come to Japan to wreak its havoc, to create its death and destruction the same as it had done with Oto Island. A fleet was sent out with depth charges. Instead of killing the beast, they ended up by luring it to Tokyo Harbor!!!

Assuming that Godzilla was done for, the citizens of Tokyo began the festivities. Unfortunately, their hopes are dashed as a huge scaly head emerged from the depth of Tokyo Bay. The terrified civilians fleed to uncertain safety as the forces of defense rally, to try to kill Godzilla. Their machine guns and their cannons proved ineffective as Godzilla rampaged throughout the dock section of Tokyo, crushing everything and everyone in its path. Shortly after it had appeared, it was gone. But it was not forgotten, for Godzilla still lurked beneath the waters of Tokyo Bay, readying itself to pounce on Tokyo once more. The soldiers strung high tension electrical wires around the city and evacuated everyone.

Steve remembered the awful hour leading to Tokyo's complete destruction. He had been in the upper floor of a building, along with other reporters when Godzilla struck again. The high tension wires were no match for its incredible power. Soon the creature was running amok in the heart of Tokyo. A train full of passengers unaware what was about to happen to them was making a late run through the city. The engineer saw a huge foot and frantically threw the brake lever, but alas, too late. The train careened into the beast's foot. Godzilla stumbled, then lifted the train car to its powerful jaws. Shaking its monstrous head a few times, it dropped the train to the ground and trampled on it, killing everyone trapped inside.

The city was aflame; the acrid air was enough to make Steve's forehead pop out in a sweat. He knew not whether the sweat was from the heat or from the terror that held him in its icy grasp. Suddenly he looked up. He had come face to face with Death and he knew it. Godzilla towered overhead for what seemed like an eternity; then, with an awful noise that might have been made by someone dropping a garbage truck down the Empire State building, the ceiling crashed on him. Raising an arm, he sought to protect himself; but he felt the incredible pain as the beam broke his arm; then he lasped into unconsciousness.

The JASDF succeeded in driving Godzilla away later that night, but it was too late to save the city itself. The mournful cries of the Japanese people filled the air; the mournful smoke curled like incense as if to appease the wrath of the Almighty.

He woke up surrounded by the broken bodies of the others. He checked one of the men for a pulse or respiration, but the man had neither. He tried to push himself up again, but immediately passed out. He only woke again as the rescue workers removed the rubble that pinned him. All he could feel was the pain in his arm.

Emiko had come to see him later that day, as he lay on the floor in the makeshift hospital. He listened as she told him of Serizawa's accidental discovery of what she called an "Oxygen Destroyer," listening in horrified disbelief as she described how the fish in the tank had had their flesh eaten away, and then their bones. He tried to convince her to talk Serizawa into using the weapon to kill Godzilla. He prayed that Serizawa would agree.

When the next morning came, Steve Martin felt strong enough to stand. He wanted to go and see Godzilla being destroyed, to convince him that the horror was really over. Serizawa and Ogata descended to the depths. Ogata looked around, but didn't see anything. He placed the weapon on the ocean floor and made a hasty retreat back to the ship.

Serizawa, however, stayed and watched. The beast came closer...closer...and Daisuke Serizawa watched impassively as the beast set off the weapon with its foot. A cloud of bubbles began to rise toward the surface, taking all of the precious, life giving oxygen with it.

Serizawa had made his choice. He was afraid that evil men would try to extract the formula from him under torture. He waited, then felt his skin begin to burn as his body dissolved.

The terrified occupants of the ship watched as Godzilla rose above the waves, emitted a roar, then sank beneath the waves. The monster dissolved in the acid pool, leaving nothing but a skeleton. Steve Martin lowered his head to remember his friend who had died to save them. "The menace was gone...so was a great man. But perhaps the world could wake up and live again." Now there was no fear, no terror, only the shining sun reflecting its rays on the peaceful water....