The story concerns James Bond's investigation of Major Dexter Smythe, a fifty-four-year-old retired Serviceman. Bond visits Smythe in Jamaica to question him about his work during World War II. Bond is aware that Smythe has committed a crime, and he gives the man ten minutes to think about confessing. The narrative flashes back to Germany in 1945. Smythe has discovered details of a Nazi treasure hidden on a mountain. Smythe arrests an innocent guide, Hannes Oberhauser, and forces him to lead him up the mountain. Once at the designated spot, Smythe shoots the guide. After a great deal of work, Smythe finds the gold and transports it back to his camp. Years later, Smythe has been able to sell bits of his gold and has become a wealthy man. But his paradise disappears when James Bond comes inquiring. Smythe finally confesses. After Bond leaves, Smythe swims out to visit his pet octopus, whom he has affectionately named "Octopussy." He finds a scorpionfish and wonders if the octopus will eat it. But the fish stings Smythe in the belly. Rather than submit to a courtmartial, he elects to remain in the water until the scorpionfish's poison takes effect.
"Octopussy" is a marginally interesting story concerning the actions of Major Dexter Smythe, whom James Bond entices to commit suicide rather than face life imprisonment for murder and robbery. It contains no real excitement or thrills, and Bond is merely a supporting character in what is basically a morality tale. Bond acts only as a catalyst to force Smythe into remembering the details of his crime, which in a flashback, are the only highlights of the story.
The style here seems more fleshed out than in THE MAN WITH THE GOLDEN GUN; therefore, one may presume that the story was written before the last novel in the series. There is some semblance of the Fleming Sweep—the story manages to move quickly despite the absence of action sequences. The usual rich detail, missing from GOLDEN GUN, is present in "Octopussy," and saves the story from failing totally. The tale's structure relies on the flashback technique of which Fleming was so fond: the story begins with Major Smythe remembering his meeting with Bond earlier that morning (presented in a flashback); a further flashback details the events of Major Smythe's crime.
"Octopussy" is similar to "Quantum of Solace" in that it is a morality tale of sorts. In "Octopussy," Fleming seems to be saying that greed will ultimately bring one misfortune —a minor variation on an age-old theme.
James Bond does not play a major role in "Octopussy," and seems a little out of place. What is Bond doing investigating the twenty-year-old death of a mountain guide? Bond says Oberhauser was his friend, which is why he is interested in the case; but this kind of work seems out of line for a top member of the Double-0 Section. Nothing new is learned about Bond's character. He is very businesslike and official. In fact, the character is viewed objectively from Smythe's point of view as another Service official doing his job.
It is curious that Bond would hint for Smythe to commit suicide. Bond, as learned in YOU ONLY LIVE TWICE, feels that suicide is cowardly. Therefore, what Bond suggests is a contradiction to his beliefs. Perhaps he feels that suicide would be the best thing for a man like Smythe; a lengthy and damaging trial might kill him anyway.
Dexter Smythe is the protagonist of the story, and "Octopussy" is his tale. Smythe is a weak man with big ideas. His mistake is that he truly believed he could get away with the crime he committed. Smythe is not an evil man at all. Stealing gold belonging to Hitler's army might not have seemed a crime to him; the ugly crime, of course, is his murder of the mountain guide Oberhauser.
Octopussy, the affectionately named pet that Smythe feeds daily, could be a symbol of the treasure which is just beyond reach. Smythe teases the animal with a scorpionfish at the story's end, and the octopus grabs Smythe instead of the fish. The treasure has backfired and attacked the hunter, perhaps because this particular treasure should have been left untouched. (Major Smythe's plot to find and steal the Reich's gold also backfired—the "Devil" came to collect Smythe's dues years later.)
The flashback sequence on the mountain is the only real highlight of the story, and the murder of Oberhauser comes as a surprise. But otherwise, "Octopussy" is a limp fish.