"The Silver Key" tells the story of Randolph Carter, a man who once believed that life consisted of memories and dreams, finding beauty and truth in the realm of dreams. As he grows older, however, he realizes that his connection to his dreams has diminished. Exposed to the practical and scientific ideas of the waking world, he begins to question the superiority of dreams over reality.

In search of answers, Carter embarks on a journey to discover the true nature of existence. His exploration leads him through various philosophical perspectives, but each leaves him unsatisfied. Frustrated and disillusioned, he retreats into seclusion, longing for the return of the fantastical and mysterious dreams of his youth.

It is during this period of isolation that a glimmer of hope appears in Carter's dreams. His deceased grandfather appears to him, revealing the existence of a silver key hidden in the attic. Intrigued by the possibility of unlocking new realms of imagination, Carter takes the key and travels to his childhood home in northeastern Massachusetts.

In the backwoods of his upbringing, Carter finds a familiar cave from his past. Using the silver key, he is transported back to his childhood self, and his adult persona disappears from his current timeline. Through this enchanting experience, the story explores the notion that Randolph Carter possessed the ability to glimpse events from his future since the age of ten.

The tale concludes with the narrator expressing anticipation of meeting Randolph in a dream-city they used to visit, where Carter now reigns as a king. The narrator hopes to examine the silver key, believing that its mysterious symbols hold the secrets of the universe.

"The Silver Key" is a captivating tale that delves into the human longing for imagination and transcendence. It prompts readers to question the significance of dreams and the boundaries between reality and fantasy. Through its exploration of Randolph Carter's journey, the story invites contemplation on the nature of existence and the pursuit of deeper truths.