The first victim is Arnie Westrum, who is murdered in a tool-shack during a blizzard when the full moon comes in January, shortly after midnight on New Year's Day. Although the police admit that they are looking for a serial killer later on in the novel, and the killer is dubbed "The Full Moon Killer", Arnie Westrum immediately identifies the killer in his mind as being "the biggest wolf he has ever seen."
The next victim is Stella Randolph, a depressed, unmarried, and impoverished seamstress, who is killed on St. Valentine's Day in February, after she has sent several Valentine's Day cards to herself from 1980s hearthrobs such as John Travolta and Ace Frehley. Believing she is dreaming, Stella sees the wolf watching her, delusively convinces herself that it is a man, and lets it into her house through the window. Stella is the only victim who seems to accept her fate, failing to so much as ward off the beast.
The next victim is an unknown homeless drifter killed in March. During an intense blizzard, virtually the entire town loses its power. While several members of the town are unable to sleep during the power outage, they hear a wolf howling. Several prominent members of the story hear the howling, including Marty and Town Constable Lander Neary. Although no one can say exactly where the howling originated from, it is at this point that the rumors of a werewolf begin to spread through the town. The drifter is found by an employee of the electric and gas company sent to repair the power lines. Wolf prints are found frozen in the snow around the body. This is the first discovered evidence of a non-human killer.
As April arrives, so does Spring, and while children celebrate the warmer weather as normal, the presence of a killer has engulfed the town in terror. On April Fool's Day, 11-year-old Brady Kincaid is flying a new kite given to him as a birthday present. Having realized that he has stayed out too late, he starts to prepare to leave. Upon doing this, Brady tells himself he has to hurry home in order to avoid a beating from his father, but in reality he is afraid of seeing the werewolf. Before he can leave, his fears are realized. He is found the next day in the park by a volunteer search party, only feet away from where other children had reported him playing, decapitated and disemboweled.
The May full moon comes on Tarker's Mills' Homecoming weekend. The chapter begins with Baptist Reverend Lester Lowe awaking from a dream and half-expecting to see a werewolf outside of his church. Lowe had dreamed that he was giving his sermon in front of a packed congregation, not unusual on Homecoming Sunday according to Lowe, and he was preaching the sermon of his life, in contrast to his usually drab homilies. As Lowe continued to preach, speaking about the presence of the Beast, the congregation began to transform, although Lowe did not cease preaching. Eventually, Lowe began to transform himself. At this point, he realizes that he has been dreaming. The next day, Sunday, Lowe finds Clyde Corliss, a janitor at the church, gutted on the pulpit, and realizes, to his horror, that he really is the werewolf.