The show opens with a shot from the baby's point of view. Everyone is looking over his crib talking about how cute he is; he doesn't have a name yet since Piper and Leo were expecting a girl and didn't have any boy names picked out. They would like him to have a name that will begin with "P" to keep the family tradition. Both Paige and Phoebe come up with some suggestions, but everything is shot down. Everyone is very tired since the little guy has been keeping everyone up with his crying at night. Piper mentions that maybe they should put a sound proof spell on the nursery, but Paige tells her she can't because it might interfere with her "Demon Alert" spell. As Phoebe leaves for the newspaper to meet the new owner, Paige heads to her room to try and get some rest. While Piper and Leo are sharing a little quality time the alarm system goes off. Paige, Piper and Leo run to the baby's crib to find two demons trying to take him. There is a force field around the baby that he surprisingly produced, Piper vanquishes one demon, but the other gets away.
At the office, Elise is explaining to everyone that the new owner will be there soon and he is not known for being nice with his employees. Phoebe shows everyone photos of her new nephew and the new boss, Jason Dean, comes in while everyone is ogling the baby. There is an instant attraction between Phoebe and Jason, but she rushes away after they argue a little. Leo calls Phoebe to tell her about the attack. Phoebe decides that she needs to come home to help, but Jason tells her that her column needs improvement and she can't work from home like she wants.
At the manor, Paige and Piper determine the demon that got away was a "Hawker", a demon that obtains things for other demons and then sells them on the demon "black market". Paige wants to go to the black market and find out who wants the baby, Piper doesn't like that idea - mostly she doesn't like the idea of leaving the baby by himself. While they are debating what to do, the "Hawker" arrives with another demon and tries to float the baby out of the window. Piper jumps in front and saves the baby, the other demons are destroyed after Paige's crystal jail is over charged and zaps them. In Piper's efforts, her leg is broken, so she now knows that she is no longer invincible.
Before the Hawker came to the house, his clients, the Parasites, tell him that he must bring them the Charmed Ones' baby so that they won't have to feed off others, but have ever-lasting power. An old women, a Crone, tries to warn the Hawker that death will only follow, but he doesn't believe her. After the Hawker dies, he leaves a knife that Paige uses with the scrying spell to find the demon black market. There she tries to convince the Parasites that she can get the Charmed Ones' baby for them, they see through her and start to suck her witch's powers.
After being tied up with Jason, an assistant finally breaks into the meeting Phoebe is having to tell her that Leo has called several times. When Leo orbs Phoebe home, they learn where Paige has gone. Phoebe has a premonition about Paige being sucked by the Parasites. Piper decides that they need to go to the black market and destroy those that are trying to hurt her baby. Once there, the Parasites realize that since all of the Charmed Ones are at the market, no one is protecting the baby, and they go try to take the baby.
Leo, however, is still with the baby and uses all of his strength to keep the Parasites from feeding on the baby. Once Phoebe and Piper reach Paige, she tells them where the parasites have gone. The girls quickly orb back to the Manor where Piper vanquishes one of the Parasites. Piper decides to go after the other Parasite because she wants to make an example to others that might try and hurt her baby that the Charmed Ones will not let that happen.
At the market, the Crone is waiting for the other Parasite. She blames the destruction of the market on him because he tried to take that Charmed Ones' baby. As the girls rush in, she vanquishes him. She returns the baby's blanket to Piper and tells her that she has seen what will happen in the future and promises that no other demon will try to hurt the child. Piper believes that she is telling the truth.
Back at the Manor, Paige apologizes for going off by herself to try and protect the baby. Piper tells everyone that she has finally decided on a name for the baby, his middle name will be Matthew after his courageous aunt Paige and his first name will be Wyatt after his courageous father - so Wyatt Matthew Halliwell is introduced to the world.