The Role of the Ring
The HobbitThe discovery and use of the One Ring is a pivotal element, granting Bilbo invisibility and setting the stage for future events in Middle-earth.
increasing
Bearing strength in each event
decreasing
Finding the Ring

The Discovery
The Accidental Find
Bilbo finds a golden ring in the dark. It feels cold and seems insignificant. He puts it in his pocket.
The First Use
Later, when escaping Gollum, Bilbo accidentally puts on the ring and becomes invisible. He realizes its power.
The Secret
Bilbo keeps the ring a secret from the dwarves, sensing it is important. He uses it to save himself and them.
The Ring's Uses

The Invisible Ally
Against Spiders
Bilbo uses the ring to rescue the dwarves from the spiders. It allows him to move unseen.
In the Elvenking's Halls
The ring helps Bilbo spy on the elves and free the dwarves. It is essential for the escape.
With Smaug
The ring does not protect against Smaug's smell, but it helps Bilbo avoid the dragon's sight.
The Ring's Secret Kept

The Hobbit's Treasure
The Secret
Bilbo keeps the ring's existence a secret, even from Gandalf. He uses it to avoid unwanted visitors.
The Foreshadowing
The ring's power is a hint of the greater story in The Lord of the Rings. Bilbo's mercy to Gollum and his ownership of the ring have consequences.
The End
Bilbo's adventure ends with the ring in his pocket, a link to a larger world of magic and danger.
In the goblin tunnels, after being separated
Throughout the journey, from Mirkwood to the Mountain
After the adventure, at Bag-End