When Frodo is only just 'come of age' a magic Ring, previously owned by his Uncle Bilbo, is passed into his keeping. But the golden ring is more than a simple vanishing tool. Frodo soon learns from Gandalf that his 'magic ring' infact was once Sauron's and a great evil is held in it. Sauron wants the Ring back and if he should get it then the whole of Middle-earth would be covered in a second darkness. The only means of being sure that the Ring does not fall into Sauron's hands is by destroying it. But the Ring cannot be destroyed by any furnace or tool, the only place it can be unmade is in the fires of Mount Doom, in the land of Mordor, where it was made.
This task is entrusted upon Frodo and with his loyal servant Sam and the Fellowship formed at Rivendell, he is to accomplish the task.