• "The World Was at Peace" (Book 1 of 4) – It is the end of World War II, and with it the beginning of the end of the glory days for both the Justice Society and the All-Star Squadron as the teams break up and the various members face their own personal crises in the aftermath. Johnny Chambers (Johnny Quick) is now divorced from his wife Libby Lawrence (Liberty Belle) and is putting together documentaries based on "mystery men". Libby is currently residing with Jonathan Law (Tarantula), who is struggling with both alcoholism and writer's block. Alan Scott (Green Lantern) is choosing to retire from his duties as a superhero and is instead focusing his energies and attention on his Gotham Broadcasting Company radio network amid growing accusations of his workers being card-carrying Communists. Rex Tyler (Hourman) is finding out that his Miraclo power pills are no longer working. Ted Knight (Starman) is holed up in a sanitarium following a mental breakdown. Paul Crane (Robotman) is losing his humanity, and Daniel Dunbar (Dyna-Mite) is unable to stay in college as he finds himself lost without his deceased partner in crimefighting TNT. Paul Kirk (Manhunter) finds himself pursued by gunmen and haunted by nightmares. Meanwhile, America is honoring its hero Tex Thompson (Americommado) as he returns to the States in triumph for defeating Adolf Hitler, and is now beginning his campaign for creating a better America. To that end, he chooses Daniel Dunbar for his purposes as well as Robotman and Al Pratt (The Atom).

NOTE: Dinah Drake (Black Canary) in this story begins her crimefighting career during World War II, whereas in mainstream DC Universe history her career doesn't start until around 1947.

• "We Had the Bomb" (Book 2 of 4) – As Tex Thompson (Americommando) forges ahead with his political campaigning, he subjects Daniel Dunbar (Dyna-Mite) to nuclear test experiments that promises to turn him into "the greatest, the mightiest champion and protector this country's ever seen". With the experiments being successful, Daniel is introduced to the public under his new identity Dynaman, promising that he would be a hero that the American public can trust as opposed to the "mystery men" of the 1940s. However, behind the scenes, Daniel is found snorting cocaine and telling Tex Thompson that, once Tex is elected as President of the United States, they will both rule the world.
In the meantime, Ted Knight (Starman) regains enough sanity to continue work on his latest project. Alan Scott (Green Lantern) bravely confronts Sports Master during a jewelry store robbery without using his power ring or secret identity. Johnny Thunder reconnects with his friend Al Pratt (The Atom) who is working behind a desk at the Federal Bureau of Superheroes. Tex Thompson introduces his soon-to-be fiancee Joan Dale (Miss America) to Lance Gallant (Captain Triumph), who is tormented by the spirit of his dead brother Michael to become Captain Triumph again. He is later introduced to Paula Brooks, who has reformed from her days as the masked criminal Tigress. Rex Tyler (Hourman) is experiencing side effects from his efforts to perfect the Miraclo power pill. Paul Kirk (Manhunter) connects with Tex's former partner Bob Daley (Fatman) and they both get themselves in the middle of a gunfight with Nazis pursuing them in cars over a bridge.

NOTE: Tigress' costume throughout this Elseworlds series is patterned more after one of the modern-day Catwoman's costumes than her original Huntress costume.

• "We Had Prosperity" (Book 3 of 3) – It is now 1949. As Tex Thompson's (Americommando) campaigning for the presidency continues, Joan Dale ends up revealing Tex Thompson's secret diary to Lance Gallant (Captain Triumph) and Paula Brooks (Tigress), who discover from its pages that the man Joan thought Tex to be is really the Ultra-Humanite whose brain has been transplanted into Tex's body. Yet the pages also reveal a more shocking secret concerning Daniel Dunbar that will be exposed in Book 4. Bob Daley (Fatman) and Paul Kirk (Manhunter) get help from Carter Hall (Hawkman) to unlock the secrets in Paul's brain concerning his nightmares, and come to the same revelation about Tex Thompson really being the Ultra-Humanite.
In the meantime, Ted Knight (Starman) is ready to test out his new "cosmic rod". Alan Scott (Green Lantern) is faced with a summons to appear before the House Un-American Activities Commitee as more of his workers at Gotham Broadcasting are also being accused of being Communists. Libby Lawrence (Liberty Belle) and Jonathan Law (Taratunla) are facing a crossroads in their relationship where Libby is finding fame as a TV newswoman and Jonathan is hitting the brick wall of frustration in his attempts to follow his one-hit novel success. James Forrestal's body is found mysteriously pushed through a hospital window. Rex Tyler (Hourman) continues to work on improving his Miraclo power pill while telling himself that he's not a drug addict. And Daniel Dunbar is secretly worshipping Satan in a basement.

• "We Had it All" (Book 4 of 4) – With the revelations of Tex Thompson's (Americommando) secret diary known to various members of both the All-Star Squadron and the Justice Society, they now gather together in private to discuss how they're going to let the American public know the truth behind both him and Daniel Dunbar (Dynaman). At a public gathering of superheroes in Washington, D.C. by the decree of the President to show their loyalty, Joan Dale (Miss America) bravely goes public with the revelations when Tex has Robert Crane (Robotman) silence her by killing her. Rex Tyler (Hourman) steps in to take Joan's place by exposing Tex Thompson as being the Ultra-Humanite and Dynaman as being Adolf Hitler's brain transplanted into Daniel Dunbar's body. Showing his true colors, Dynaman storms out of the building, ready to take over the world by the power of his might. Many superheroes attack Dynaman to stop him, only to either be seriously injured or killed. Paul Kirk as Manhunter deals with Ultra-Humanite while Bob Daley bravely sacrifices himself to help Paul. Lance Gallant (Captain Triumph) electrocutes himself in stopping Robotman. Alan Scott returns to duty as Green Lantern, and Ted Knight comes as Starman to test out the power of his new "cosmic rod" on a now-weakened Dynaman. Though the rod is snapped in two, Libby Lawrence (Liberty Belle) uses part of it to deliver the final blow on the villain.
At the end of the story, as Johnny Chambers (Johnny Quick) and Libby Lawrence remarry, the Justice Society retires from active duty as a superhero group, and its various heroes go on with their own lives, Johnny notices that one of the heroes who showed up to deal with Dynaman would take on the name Captain Comet, and would become part of a generation of new heroes that would herald in the Silver Age.

NOTE: Americommando revealed to be the Ultra-Humanite. Dan the Dyna-mite (as Dynaman) revealed to be Adolf Hitler.