Adam Hunt is trying to make a deal to get back into business when someone, who he assumes is the vigilante, approaches him from behind. He asks him what he wants since he already took everything from him, but suddenly three black arrows are shot into his chest. Adam falls backwards on the bed as the unknown murderer leaves.
While Oliver and Diggle are training with knives, John points out that Oliver has crossed three more men off of the list. As they stop, Diggle tells him that he has to head to the mall with his nephew for Christmas shopping, which makes Oliver to realize that it sneaked up on him. Oliver tells him how his father used to decorate the mansion and throw parties. John recommends that he takes some time to spend with his family.
Yao Fei reopens the cave and comments how it is good that Oliver is still alive. He gives Oliver water and a rabbit, then brings Edward Fyers in and tosses him on the ground near Oliver. Oliver musters the last of his strength and begins hitting Edward while yelling how he tortured him. Yao tells Oliver he is free to kill him, but Edward has a plane that he could use to leave the island.
Thea, who is dressed up for Moria and Walter's dinner guests, meets Oliver as he returns home. He asks her why there is no decorations around the manor, so she tells him that everyone is likely too busy, and that Moria has gone sugar-free, so no candy canes.
Oliver joins the dinner party where many important people are talking about the vigilante, including the Police commissioner and Tommy's dad. Some comment that he is no worse than Robin Hood, but others disagree. When Oliver brings up the names that have been thrown around for his alter ego, Mr. Merlyn tells him they should call him the Green Arrow. Oliver tells him he doesn't like the name.
Walter leaves the table suddenly as he receives a call from Felicity. In a neighbouring room, he learns that she found out that one of his employees, Dr. Douglas Miller, is on the list, and that the vigilante is targeting the list.
Another officer approaches the commissioner informing him that the vigilante has attacked again, and Adam Hunt is dead. As the two leave, Oliver pretends he has a call and leaves the table as well.
Quentin shows the commissioner the body and explains his theory that they are dealing with a copycat due to the arrows being black and that he already drained his bank accounts. Just outside, Oliver is listening to the conversation.
The following day, Oliver and John are talking about Hunt's killer at their base, and that it may be a setup. Oliver tells him that it was likely someone who was an experienced archer. They figure if they can get an arrow they can find out where it came from. Only one catch, they need to get one from the police.
At the police station, Quentin receives a package containing a cell phone which rings once it is in his hand. Oliver, with his voice garbled, tells the detective that he didn't kill Adam and he wants to help track down the killer but he needs an arrow. Quentin doesn't want to help him, so Oliver tells him to just call him at the pre-programmed number if he has a change of heart.
Dr. Miller enters Walter's office where Walter tells him that security has red flanged him as a target for the vigilante. Miller claims he doesn't have any idea why he would be targeted.
Oliver asks about the Christmas Party again while Oliver and Thea are enjoying lunch at Big Belly, but Thea's friend Shane approaches the table to invite Thea to hang out. She tells him that she is spending the afternoon with her brother. Shane leaves, and she reveals that no one wanted to celebrate Christmas after they were lost for the first year, which ended up becoming every year. Thea tries to tell him that they are fine without it, but Oliver disagrees.
Back at the mansion, Oliver tells the whole family that the wants to have a Christmas Party, and that he will handle all the arrangements. Moria quickly agrees, but Thea only does so reluctantly. Walter compliments Oliver that he is a good man as he heads out.
Yao, Oliver and Edward are walking through the forest when Fyers tells Oliver that he was a good man since he was willing to suffer instead of betraying his friend, but asks if he knew the truth about him. He explains that the island was one a Chinese prison where they kept the most dangerous of criminals, but that they shut it down nine years ago. Edward is there to kill to remaining inmates, and that only two are left, Yao and Deathstroke. Oliver asks why he let him be tortured, so he tells him he did it to find the man who has been killing his people.
Malcolm Meryln and Moria meet secretly at night due to Walter's actions with Miller. He suspects that Walter knows about the list and tells Moria that he will take the necessary steps to take care of it. She asks him to let her handle it, but he tells her that they are beyond that point now.
A businessman, is walking through an alley when the unknown archer shoots him from behind. Shortly, the police arrive and Quentin reveals the man to be Nelson Ravich, who the vigilante also approached weeks ago. The commissioner tells the detective to pin the death on the Hood vigilante, but Quentin tells him that it isn't him so he wont. Commissioner Nudocerdo pulls the detective off the case.
At the police station, Quentin calls Oliver and reveals that he has left one of the arrows in a heating vent. Oliver warns him that it better not be a trap, but Quentin warns him that he has until Christmas to find him or he will be searching for him again.
Oliver and Diggle are inspecting the arrow at their base and find that it is a custom arrow. Oliver doesn't care if he is being framed or being called out, he just needs to find him.
At Queen Consolidated, Oliver asks Felicity if she can track the arrow's origin. She looks up the serial number and finds that the manufacturer is Sagittarius and gives Oliver the address where it was shipped to. As he heads out, he tells her Merry Christmas, but she reveals that she is Jewish, so he tells her Happy Hanukkah.
Quentin and Laurel are at home when the commissioner's press statement comes on. She tells him that she doesn't think the vigilante did it and reminds him of the prison breakout. Tommy suddenly arrives and when he sees Quentin, he rushes over to shake his hand and ask how he is doing. He tells him that he is proficient with firearms. Laurel reminds Tommy that she wanted to spend time with her dad for Christmas, be he tells her that they should still spend time together and invites her to Oliver's Christmas Party, then gives her a present. After he leaves, Quentin comments that both Tommy and Oliver are selfish and that she shouldn't be around either of them. She opens the gift to find an old family photo of Quentin, Laurel and Sara.
Suited up, Oliver visits the address where the arrows were shipped. He only finds a single arrow jammed into the floor. Suddenly, the door slams behind him and a bomb sitting on a nearby table lights up. Oliver blasts the door open with an explosive arrow, and dives out just as the bomb explodes.
Back at the manor, where the Christmas Party is already happening, Oliver tells John what happened. Shane arrives with flowers for Moria as Oliver heads into the main party. The family pose for a picture and Shane gives Moria the flowers.Thea and Shane head off, Moria tells Walter that she wants to talk alone, and Oliver heads over to Tommy and Laurel. Tommy tells him he still feels odd about their friendship.
Moria reminds Walter that he promised that he wasn't going to dig any deeper, but he reminds her that Robert was his friend that he doesn't want to let his killers go free and that she has been constantly lying to him. She explains that she had the boat as leverage against the people who are responsible. He offers to help fight them, but she tells him that she is one of them. He asks her to tell him what they have done, so she tells him that she will reveal everything after the party.
Tommy heads off to get some drinks, leaving Laurel and Oliver free to talk about their situation. She tells him that she has been emotionally disconnected since he disappeared and the person she least expected has allowed her to feel again. Oliver tells her that he is happy for the two of them.
Oliver begins searching around for Thea, who he finds making out, and in the middle of undressing, with Shane in her bedroom. Oliver tells Shane to get out, then asks why she isn't enjoying the party. She tells him that she didn't want the party because it is bringing back memories that she has been trying to forget and that things will never be the same, regardless how much he tries.
John Diggle interrupts them to tell Oliver about the hostage situation with the Archer. On the news, one of the five hostages are reading a note demanding that the vigilante to surrender or hostages will be killed. John recommends to just let the police handle it, but Oliver tells him that it is his responsibility and that he has been in worse situations during his five years on the island.
Yao puts a radio in front of Edward and instructs him to call for the plane, but instead he reveals that he wanted to be captured by Yao. Deathstroke and other mercenaries enter the clearing so Yao tells Oliver to run while he takes on Deathstroke again. After a short run, Oliver turns around to notice that Deathstroke has captured Yao Fei.
At the warehouse, the police have learnt that the place is booby-trapped to prevent them from entering. The commissioner wants to focus on one point, but Quentin disagrees.
Meanwhile, Oliver slips down onto the roof via cable, frees the hostages and tells them to get to the roof. He searches around for the Archer, but he finds Oliver first. He reveals to Oliver that he needed to do something more dramatic after he escaped his first trap and that he wanted to see who is better, then fires a shot at Oliver. The two exchange shots until the Archer connects with two arrows in Oliver's back. Archer mentions that the man who created the list wants him dead, but he wanted to know his identity first so he tries to remove Oliver's hood. As Archer gets closer, Oliver jams an arrow into him then knocks him out. Arrow limps off, breaking the arrows sticking out of his back against a wall, then falls out of a nearby window. On the ground, he radios Diggle for help.
Oliver wakes up in the hospital with Diggle standing over him. He tells Oliver that he cleaned up the evidence as carried him out of there. Moria, Thea and Walter arrive and it is revealed that John is covering his injuries up as a motorcycle accident. They all share their relief that he is fine and apologize for their behaviour at the party. Thea, during her apology, tells him that she isn't the same person she was five years ago too.
The Archer returns to his hideout and removes his hood to reveal that it is Tommy's father.
Walter is leaving his office while talking to Felicity over the phone, who is checking on how Oliver was. He enters the elevator and a man, who was already inside, injects him with something as the door closes.
Moria and Mr. Merlyn meet again. Moria wants to make sure that Walter will not be harmed and that he won't know that she is involved. Malcolm notes that the organization's vision of the city is only six months from completion. She asks how he can be fine with the death of thousands of people, but he tells her that he will have a sense of accomplishment and she will be reunited with Walter.
In the hospital, Oliver tells Diggle that he has failed, but John tells him that he still saved the lives and that he will get the Archer eventually. Oliver tells him that they have a bigger problem and tells him what he learnt about the list, and that finding the author is his new priority.