It describes the struggles of three brothers and a sister, the offspring of a rich peasant, against the Old Devil: Simeon and Tarras leave the family farm.
Simeon becomes a great soldier and marries a noble's daughter, but despite being granted an estate and high rank, runs out of money because of his spendthrift wife.
The devil assigned to Tarras inflames his greed; he spends all of his money and borrows more to buy goods.
The third devil suffers the same fate, after showing Ivan how to make gold using oak leaves.
When Ivan's brothers find out what he can do, he conjures up an army for Simeon and bushels of coins for Tarras.
The Old Devil goes to Ivan disguised as a General and offers to form a powerful army from his subjects.
He then spends days talking to the people, to instruct them on how to use their brains rather than their hands to do their work, but they are unimpressed.
Although the story is usually considered a children's fairy tale, it is also used as an indication of Tolstoy's political leanings in support of Christianity.
[citation needed] Though his brothers are easily tempted by money and military power, unsophisticated Ivan, with his simple way of life, defeats the treacherous devil.
Ivan eventually becomes the ruler of the country despite the lack of a standing army or currency.
All of the citizens are welcome at Ivan's table, where workers are fed first and intellectuals (those without calluses on their hands) have to eat the leftovers.