The Hobbit is an upcoming American-British action adventure fantasy film based on the 1937 book of the same name by J.R.R. Tolkien. The film is based on Tolkien's Middle-Earth and is a prequel to the Lord of the Rings film series, taking place before The Fellowship of the Ring, The Two Towers and The Return of the King.
Approaching his 111th birthday, the Hobbit Bilbo Baggins starts to write down his memoirs, based primarily around a fantastic adventure he was a part of sixty years before.
50-year-old Bilbo is sitting outside his home, the Shire, one day and is met by the wizard Gandalf the Gray. Gandalf tricks Bilbo into hosting a party that evening for a company of dwarves; Balin, Dwalin, Fíli, Kíli, Dori, Nori, Ori, Óin, Glóin, Bifur, Bofur, and Bombur, led by Thorin Oakenshield. The dwarves explain to the dumbfounded Bilbo that the Lonely Mountain, once a place of great prosperity for dwarves, has been taken over by greedy dragon Smaug. The dwarves are preparing to set out on a quest to liberate the Lonely Mountain. Gandalf proposes that Bilbo serve as the expedition's burgular. Indignant, Bilbo agrees after learning how much he can get out of the quest.
Early on in the journey, the company are captured by three trolls, who plan to eat the dwarves. Bilbo uses some quick thinking to save them by telling the trolls that they are all infected. The trolls release the dwarves, but decide to eat Bilbo. The dwarves are able to reach Gandalf, who returns to the scene and turns the trolls to stone, saving Bilbo. The incident helps Bilbo to win the respect and trust of the dwarves.
The comapny uncover the troll's treasure trove and Gandalf gives Bilbo an Elven Broadsword he recovered. They then carry on and arrive at Rivendell, an Elven outpost. Here, Lord Elrond reveals to them a spot on their map which is actually a secret door to the Lonely Mountain. The company then move toward the Misty Mountains, but run afoul of an army of goblins and are captured. Bilbo slips away, the others thinking he betrayed them, and falls into a cave, where he meets a demented creature called Gollum. Gollum drops a golden ring which Bilbo pockets before he is found by Gollum. Gollum challenges Bilbo to a game of riddles; if Bilbo wins, he can leave the cave, but if he loses, Gollum will eat him. Bilbo wins by asking Gollum what he has in his pocket, but Gollum doesn't know and Bilbo escapes.
Meanwhile, the comapny are brought before the Great Goblin, who taunts them. Suddenly, the goblins are attacked and several are taken out by the sking-changer Beorn, who rescues the party. The Great Goblin attacks them as they flee, but is finally slain by Beorn, who destroys the bridge he is crossing and sending him to his doom. More goblins chase the comapny down the other side of the mountain. Bilbo follows them, in the process discovering that the ring grants him invisibility. This enables him to slip past the goblins and reunite with the others, increasing their respect for him. However, he keeps the ring a secret.
The company, sans Gandalf, enter the Black Forest of Mirkwood, where they are attacked by giant spiders. Fíli is bitten and dragged away by one of the spiders to his death. Bilbo again saves the group, but is injured. While tending to his wounds, Thorin approaches him, telling him that he fells he's hiding something. Bilbo lies that he is hiding nothing, but Thorin grabs him and pulls the ring from his pocket. Bilbo begs Thorin not to tell anyone, but Thorin is disgusted and walks away.
After surviving Mirkwood, the company finally arrive at the Lonely Mountain and enter through the secret door. While Bilbo slips past the sleeping dragon and loots the chamber, Smaug awakens and viciously attacks the dwarves, incinerating Kíli in the process. With the rest of the company incapacitated, Thorin bravely attacks Smaug and a fierce battle ensues. Thorin finds a weak spot in his breast, but is fatally wounded by a lash of the dragon's tail.
Smaug prepares to return to sleep, but senses that he is not alone and finds Bilbo, deciding to toy with him. He chases him and taunts him, saying he's never eaten a Hobbit and wondering how one tastes. Bilbo trips and falls next to the dying Thorin, who tells him that Smaug's weakpoint is in his breast. Bilbo picks up his Elven Broadsword and taunts Smaug, provoking him to attack him. Bilbo then jumps onto him and stabs him in the weak spot. Smaug shrieks in rage as Bilbo climbs onto his head, finally killing the dragon by plunging the sword through his head. With his death throes, Smaug causes a landslide of treasure and Bilbo is buried.
Bilbo is pulled out from beneath the pile by the remaining dwarves, and is then brought to Thorin's side. He and Thorin reconcile over the ring before Thorin succumbs to his wound and dies with a smile on his face. He and Kíli are buried with honour, and a memorial is also left for Fíli. Bilbo decides to only take a small portion of the treasure, not feeling like he desires as much in life anymore, changed by his experience.