This chapter fully describes how Hiraṇyakaśipu obtained power from Lord Brahmā and misused it by harassing all the living entities within this universe.
By severe austerities, Hiraṇyakaśipu satisfied Lord Brahmā and obtained the benedictions he desired. After he received these benedictions, his body, which had been almost entirely consumed, was revived with full beauty and a luster like gold. Nonetheless, he continued to be envious of Lord Viṣṇu, unable to forget Lord Viṣṇu's having killed his brother. Hiraṇyakaśipu conquered everyone in the ten directions and the three worlds and brought all living entities, both demigods and asuras, under his control. Becoming the master of all places, including the residence of Indra, whom he had driven out, he began enjoying life in great luxury and thus became mad. All the demigods but Lord Viṣṇu, Lord Brahmā and Lord Śiva came under his control and began serving him, but despite all his material power he was dissatisfied because he was always puffed up, proud of transgressing the Vedic regulations. All the brāhmaṇas were dissatisfied with him, and they cursed him with determination. Eventually, all the living entities within the universe, represented by the demigods and sages, prayed to the Supreme Lord for relief from Hiraṇyakaśipu's rule.
Lord Viṣṇu informed the demigods that they and the other living entities would be saved from the fearful conditions created by Hiraṇyakaśipu. Since Hiraṇyakaśipu was the oppressor of all the demigods, the followers of the Vedas, the cows, the brāhmaṇas and the religious, saintly persons, and since he was envious of the Supreme Lord, he would naturally be killed very soon. Hiraṇyakaśipu's last exploit would be to torment his own son Prahlāda, who was a mahā-bhāgavata, an exalted Vaiṣṇava. Then his life would end. When the demigods were thus reassured by the Supreme Personality of Godhead, everyone was satisfied, knowing that the miseries inflicted upon them by Hiraṇyakaśipu would come to an end.
Finally, Nārada Muni describes the characteristics of Prahlāda Mahārāja, the son of Hiraṇyakaśipu, and describes how his father envied his own qualified son. In this way the chapter ends.