Synopsis
Act 
IMime, Alberich's brother, is forging a blade in his cave within the 
forest. The Nibelung dwarf is plotting to obtain the Ring for himself, having 
raised Siegfried to kill Fafner for him. He needs a sword for Siegfried to use, 
but the youth has broken every blade he has made. Siegfried returns from his 
wanderings in the forest, demanding to know his parentage, and Mime is forced to 
explain how he took in Siegfried's mother, Sieglinde, who died giving birth. He 
shows Siegfried the shards of Nothung, and Siegfried orders him to reforge the 
sword.
Siegfried departs, leaving Mime in despair: it is beyond his 
skill to repair Nothung. An old man (Wotan in disguise) abruptly appears at his 
door. The Wanderer wagers his head on answering any three riddles from Mime, and 
Mime agrees in order to dispose of his unwelcome guest. He asks the Wanderer to 
name the races that live beneath the ground, on the surface, and the skies. 
These are the Nibelung, the Giants, and the Gods, as the Wanderer correctly 
answers. Now Mime is forced to wager his own head on answering the Wanderer's 
riddles. The Wanderer asks him to name the race most beloved of Wotan, but most 
harshly treated; the name of the blade that can destroy Fafner; and the person 
who can make the blade. Mime gives the answer to the first two riddles: the 
Walsungs and Nothung. However, he is unable to answer the last riddle. Wotan 
spares Mime, telling him that only "he who does not know fear" can reforge 
Nothung, and leaves Mime's head forfeit to that person.
Siegfried returns 
and is annoyed by Mime's lack of progress. Mime realizes that the one thing he 
has not taught Siegfried is fear. Siegfried is eager to learn it, and Mime 
promises to teach him by bringing him to Fafner the dragon. Since Mime was 
unable to forge Nothung, Siegfried decides to do it himself. He succeeds by 
shredding the metal, melting it, and casting it anew. In the meantime, Mime, 
realizing that by the terms of his agreement with the Wanderer his head is now 
forfeit to Siegfried, brews a poisoned drink to offer Siegfried after the youth 
has defeated the dragon.
Act IIThe Wanderer arrives at 
the entrance to Fafner's cave, where Alberich is keeping a vigil. The old 
enemies quickly recognize each other. Alberich blusters, boasting of his plans 
for ruling the World once the Ring is returned to him. Wotan calmly states that 
he does not intend to obtain the Ring. To Alberich's surprise, Wotan wakes 
Fafner and informs the dragon that a hero is coming to fight him. Fafner 
dismisses the threat, refuses to surrender the Ring to Alberich, and returns to 
sleep. Both Wotan and Alberich depart.
At daybreak, Siegfried and Mime 
arrive. Mime decides to draw back while Siegfried confronts the dragon. As 
Siegfried waits for the dragon to appear, he notices a woodbird in a tree. 
Befriending it, he attempts to mimic the bird's song using a reed pipe, but is 
unsuccessful. He then plays a tune on his horn, which brings Fafner out of his 
cave. After a short exchange, they fight, and Siegfried stabs Fafner in the 
heart with Nothung.
In his last moments, Fafner learns Siegfried's name, 
and tells him to beware of treachery. When Siegfried draws his sword from the 
corpse, his hands are burned by the dragon's blood, and he instinctively puts 
them to his mouth. On tasting the blood, he finds that he can understand the 
woodbird's song. Following its instructions, he takes the Ring and the Tarnhelm 
from Fafner's hoard. Mime reappears, and Siegfried complains that he has still 
not learned the meaning of fear. Mime offers him the poisoned drink. However, 
the dragon's blood allows Siegfried to read Mime's treacherous thoughts, and he 
slays the Nibelung. Siegfried then throws Mime's body into the treasure cave-and 
places Fafner's body in the cave entrance to block it as well.
The 
woodbird now sings of a woman sleeping on a rock surrounded by magic fire. 
Siegfried, wondering if he can learn fear from this woman, heads toward the 
mountain.
Act IIIThe Wanderer appears on the path to 
Brunnhilde's rock and summons Erda, the earth goddess. Erda, appearing confused, 
is unable to offer any advice. Wotan informs her that he no longer fears the end 
of the Gods; indeed, it is his desire. His heritage will be left to Siegfried 
the Walsung, and their child, Brunnhilde, will "work the deed that redeems the 
World." Dismissed,Erda sinks back into the earth.
Siegfried arrives, and 
the Wanderer questions the youth. Siegfried, who does not recognize his 
grandfather, answers insolently and starts down the path towards Brunnhilde's 
rock. The Wanderer blocks his path, but Siegfried breaks Wotan's spear with a 
blow from Nothung. Wotan calmly gathers up the pieces and 
vanishes.
Siegfried enters the ring of fire, emerging on Brunnhilde's 
rock. At first, he thinks the armored figure is a man. However, when he removes 
the armor, he finds a woman beneath. Uncertain about what to do, Siegfried at 
last experiences fear. In desperation, he kisses Brunnhilde, waking her from her 
magic sleep. Hesitant at first, Brunnhilde is won over by Siegfried's love, and 
renounces the world of the Gods. Together, they hail "light-bringing love, and 
laughing death."And the curtain falls.