Randolph Carter is at the start of the story at that age 30, and lose access to the dream world, where he came regularly for years because according to him dreams reveal the truth that is missing in the waking world.He begins a search for a way to return to the world of his youth. A yearlong quest follows, where he among other things a few years together lives with the occultist Harley Warren until it disappears without a trace during a night trip on a cemetery (some reading is in the story the statement of Randolph Carter).
At the end of the day, Carter on the trail of a silver key decorated with Arabesque symbols. With the key returns Carter back to his parents ' House, where he thanks to the key returns in time to his childhood. His adult version this disappears from the normal timeline. Carter and his teen years thanks to the key time revives as a young adult, then the key once again to travel to other dimensions.
Lovecraft may have got his inspiration for "The Silver Key" during a visit to Foster, Rhode Island, where his grandparents lived. The name of the character Benijah Corey is composed of Emma Corey Phil Lambert, a relative of Lovecraft, and Benejah Place, a farmer who lived across the street from the home where Lovecraft stayed. 
Farnsworth Wright, editor of Weird Tales, "The Silver Key" when Lovecraft rejected this story offered in 1927. The following year he asked Wright or the story again if inspection, and this time he accepted it. He Later told Lovecraft that the readers of the magazine the story generally nothing found. 
"The Silver Key" is one of the stories by Lovecraft in which Randolph Carter makes his appearance. Carter had previously played with it in The Statement of Randolph Carter and The Unnamable, and was later introduced by Lovecraft in The Dream-Quest of Unknown Kadath and Through the Gates of the Silver Key.