After a plane crash kills Howard Stark and seriously injures his son, Tony, Obadiah Stane takes control of Stark Enterprises. However, Tony believes that his father's death wasn't accidental and uses a suit of armor that he invented to gather information from Stane. In the process, Tony saves an out of control train and becomes a public hero by the name of Iron Man.
Obadiah Stane has turned a laser drilling machine that Tony invented for Stark Enterprises into a laser weapon and is trying to sell it to the military. While Iron Man attempts to stop the machines from overloading and exploding during a demonstration, Obadiah Stane is paid a visit by the Mandarin who is looking for something Stane is wearing on his finger.
Ivan Vanko, a scientist who was thought to have been left in space two years ago, crash lands in New York City. Alive because of an environmental suit, called the Crimson Dynamo, Vanko seeks revenge on the program that put him in space in the first place- Project Pegasus. It's up to Iron Man to stop Vanko from destroying Project Pegasus.
The pressures of living a normal teenage life and being Iron Man become too much for Tony. Deciding he doesn't need school anymore, Tony quits and focuses on saving the world as Iron Man full time. But when a new villain, called the Living Laser, appears, Tony learns that he has to graduate in order to take over Stark Industries.
Project Pegasus, under the control of Obadiah Stane, creates an upgraded version of the Crimson Dynamo. With it, they capture Iron Man and begin analyzing the suit. After Rhodey and Pepper bust Iron Man out, Tony is ready for revenge. This time, Iron Man takes on the Crimson Dynamo with help from his new upgrade- the Dynamo Buster Armor.
When Iron Man tracks Moses Magnum to A.I.M.'s secret headquarters, he meets someone else who's after Magnum, the Black Panther. Thinking they'll be able to work together, Iron Man goes to the Black Panther for help. Unfortunately, Black Panther is only after Magnum and threatens to reveal Tony's secret if he gets in the way.
Zhang, Gene Khan's father and the former Mandarin, captures Tony and his friends in order to retrieve all five Makluan Rings. When the guardian of the fifth ring is released, the mighty dragon Fin Fang Foom becomes quite a challenge for the gang. Will Tony and Gene be able to save the day without the help of the Iron Man suit or the other Makluan Rings?
Several attacks on Hammer Multinational lead Tony to discover that Stark International is involved in a civil war. Iron Man discovers that Black Panther is back and is targeting Justin Hammer. Iron Man ends up coming to Black Panther's aid when Justin Hammer hires Black Knight to dispose of Black Panther.
Obadiah Stane forms an unlikely partnership with Doctor Doom in a plot to claim the Iron Man armor. Unfortunately, Doctor Doom has plans of his own for Iron Man, as he needs the armors electrical recovery systems to advance his armor. An initial study of Doom's armor show it using Quantum Tech; technology so advanced, it is indistinguishable from magic. As Doom bests Iron Man on multiple occassions, He secretly repurposes the Iron Monger core, that Stane asks him to advance, in to wipe out the Eastern sea board. Iron Man arrives in time to contain the blast, destroying only one floor. War Machine stops Doom intransit and Iron Man arrives to fight Doom. As Doom uses a portal to the realm of Dormammu to eliminate Tony, S.H.I.E.L.D. arrives to take Doom back to Latveria, Tony recovers, and rushes to make whats left of his date with Whitney. Back at the armory, the analysis of Doom's armor show similar designs to the Makluan Rings. Meanwhile Gene and Howard find the 7th ring and its guardian: The Centurion.