Much of The Silver Key" is about fantasy literature and the value of Lovecraft's particular brand of fantasy, which he calls "high fantasy." This is, in Lovecraft's view, the kind of fantasy that accepts the idea that an active imaginative life is good and important. It never apologizes for being fantasy. Although Lovecraft has chosen the form of a short story to express his defense of fantasy, the story reads more like a philosophical essay than a work of fiction.

"The Silver Key" has only a very thin plot and almost no action. Instead, about two thirds of it seems a catchall condemnation of modern life. On the other hand, the ideas are lively and interesting, and the plot, such as it is, maintains suspense by making Carter's quest one that is uncertain of success.

Much of the discussion implies that Carter may never again "tramp...