James Bond (Sean Connery) disguises himself as Peter Franks, a professional smuggler and assassin. M suspects that diamonds from South Africa are being stockpiled so that they can then be dumped on the market, therefore depressing prices. While on his way to Amsterdam, Peter Franks (Joe Robinson) turns up so Bond kills him and switches identities. He and Tiffany Case (Jill St John), his contact in Amsterdam, go on to Los Angeles with diamonds smuggled inside the corpse of Peter Franks.
Meanwhile, Ernst Stavro Blofeld (Charles Gray) is surgically creating look-alikes of himself. He has kidnapped Willard Whyte (Jimmy Dean), a reclusive billionaire, but no-one realises because, by using an electronic device, Blofeld can make his voice sound like Whyte’s.
James has to negotiate a few shady characters along the way. Mr Wint and Mr Kidd are assassins who have no qualms about killing drug smugglers. Shady Tree, is a smuggler, who actually saves Bonds life when he is locked in a cremation oven by Wint and Kidd. He only does so because he discovers that the diamonds concealed in Frank’s body are fakes. He meets his end via Mr Wint and Mr Kidd. Bambi and Thumper are two scantily clad lovely’s proficient in hand to hand combat, who give Bond a run for his money.
Tiffany Case is instructed to recover diamonds from the Circus Circus Casino but she decides to cut and run and pass them on to other smugglers. She changes her mind though when she sees that Plenty O’Toole (Lana Wood), who Bond met at the craps table, has been killed by someone thinking it was her. After driving Bond to the airport where they pass the diamonds to Bert Saxby, the casino pit boss, they follow him to a research laboratory owned by Willard Whyte. Thinking this is the destination of the diamonds Bonds goes in but his cover is blown and he escapes on a moon buggy.
Bond goes to the Whyte House in Las Vegas thinking he will confront Willard Whyte. He scales the wall to the top floor but is met with two Blofeld’s. He kills one of them, but which one!
Wint and Kidd do their job gassing him and leaving him in a pipeline in The Valley to die; he escapes however.
Playing Blofeld at his own game James poses as Saxby using an electronic device much like the one Blofeld used to disguise his own voice. He rescues Whyte but Blofeld has kidnapped Tiffany Case. Bond, with the help of the rescued Whyte, raids Blofeld’s lab and discovers the real reason for the diamond stockpile. Blofeld has created a laser satellite using them and intends to destroy nuclear weapons in China, the Soviet Union and the United States, thus preparing the way for global nuclear supremacy.
But all is not lost as Bond with the help of Whyte find an oil platform off the coast of Baja California which is Blofeld’s operations base. James fails in his attempt to change the satellite control codes thanks to a mistake by Tiffany and CIA begins their helicopter attack. Blofeld then tries to escape in a midget submarine but Bond gets to the controls and crashes it into the control room destroying the satellite control and base.