In the exposition, Bilbo Baggins is busily planning his 111th birthday party as well as his adopted sons 30th birthday party (for they share the same birthday). Whilst at his birthday party Bilbo plans a disappearance and puts it into action, for he once more wishes to travel. This, in turn, leads his son, Frodo, to inherit a ring of great power.
After Frodo discovers the true power of the ring, he and three other Hobbits set out to go to a safe place to rest for a while. Eventually, though they have to leave. The Hobbits carry on their journey with a powerful wizard, a Dwarf, an Elf, and two men. Together they set out to destroy the ring and its terrible powers, so as to win an approaching war.
Frodo and the others journey deep into the mountains, but become trapped. They fight a fierce battle, but in turn, lose one of their friends and allies, Gandalf the Wizard. Frodo is injured in the battle as well as Sam, another Hobbit but they thankfully survive.
After escaping the mountains, the comrades continued on their journey and after a while, found a beautiful place where they could rest and replenish their supplies. They spent a long time there (more than they should have) before once more setting off to continue on their journey.
In the end, the travellers had to separate in their mission. Frodo and Sam split off from the group to continue their journey, whilst the others continued on their way to receive help from the local stronghold and city.
The main conflict in the story is that of which between Frodo and the evil sorcerer, whose name is not spoken. This goes also between the evil sorcerer and Frodo's companions, as well as all others within the book who help and accompany Frodo on the journey.