Related: Thor 3 Theory - Odin Has MCU's Soul Stone
So where has Odin been all this time? As this latest TV spot and the set photo below seem to confirm, it looks like Odin's been living the simple life of a vagabond over on Midguard, aka Earth. Ragnarok will see Thor and Loki travel to New York together in search of their father, likely in the hopes that he'll be able to lend a hand taking down the goddess of death herself, Hela. We're not so sure how helpful their dear old dad will be in Ragnarok, though it appears he'll be around to lend some sage advice, at least.
In the TV spot, we see Odin walking away from a defeated looking Thor in an open field, likely the same open field in which Hela previously destroyed Mjolnir. "Asgard is not a place," says the rightful king of Asgard, to which the trailer frames Thor's response as, "it's a people." Odin then encourages his intended heir to "go see who needs your help." This new scene will take place well after the thunder god's beloved hammer goes boom, however, as Thor looks to be sporting the hairstyle and armor he'll be forced to adopt while fighting on Sakaar. It sounds like Odin's serving as his son's motivator here -- a Force ghost Obi-Wan sort of role. But we can't help but wonder why he isn't jumping to defend his kingdom from Hela. And why does the trailer bother to hide Odin at all here, only showing him as he turns his back?
This is pure speculation on our part, but it may be directly related to our theory that Odin was the keeper of the final Infinity Stone. Now that it's been taken from him (by Hela), he's badly wounded and powerless to aid his son in the fight to save Asgard from Ragnarok. But again, that's pure speculation on our part. Be sure to read through the full theory for more.
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Thor Ragnarok hits theaters on November 2nd, 2017.