In a world in which Great Britain has become a fascist state, a masked vigilante known only as “V” conducts guerrilla warfare against the oppressive British government. When V rescues a young woman from the secret police, he finds in her an ally with whom he can continue his fight to free the people of Britain.

Leonard Shelby is tracking down the man who raped and murdered his wife. The difficulty of locating his wife's killer, however, is compounded by the fact that he suffers from a rare, untreatable form of short-term memory loss. Although he can recall details of life before his accident, Leonard cannot remember what happened fifteen minutes ago, where he's going, or why.