Loki's revenge takes place in an alternate universe called Meta. Loki is banished by his father Odin, for causing the death of his brother Thor and paving the way for the beginning of Ragnarok. He is exiled to Kombar, the fertile planet, where he finds a way to take his malice and bestial behavior a superior level. Disappointed, he manages to gain control of the most powerful heroes of the metaverse, sealing them inside masks of his own creation, with the aim of being able to use the potential at his will to destroy the famous Norse Gods.