After 14 years in space defending the planet Meloa from an incursion by the Throm, Captain Duke O’Neill returns to find Kordule, the capital of Meloa, devastated after a series of Throm raids that occurred over the past few months.

To make matters worse, Earth remained neutral and refused to intervene on behalf Meloa. For this, O’Neill holds a bitter grudge against his home planet and refuses to return. Rather, he decides to remain on Meloa. He first tracks down his wife, Ronda, who survived the raids, but is living in squalor along with many other humans and native Meloans. O’Neill soon learns that his marriage was a sham from the beginning and Ronda wants nothing more to do with him.

Meanwhile, another war is brewing between the humanoid Kloomirians and the Earth colony Cathay and yet again, Earth maintains its position of neutrality. With no job prospects on Meloa, O’Neill attempts to reenlist on behalf of Cathay, but Director Flannery of the Earth Foreign Office has other ideas for the soldier, one that will explain the psychology behind Earth’s apparent cowardice.

Victory begins as a story of a bitter, displaced war veteran with few prospects and ends with the lesson the maturation of cultures from destructive warmongering to peaceful coexistence.