悪魔の体を手に入れ、デビルマンとして生まれ変わった不動明。その明の前にデーモン族のジンメン、アグウェル、ゲイマーが次々と襲い掛かってくる。激闘を制し勝利の凱旋に酔う明の一瞬の隙をつき、宿敵・妖鳥シレーヌがデビルマンを襲う。全てはシレーヌの罠だったのだ。悪魔の力を封じられた明に反撃のチャンスはあるのか？！

ある日、親友の飛鳥了の屋敷に招かれたナイーブな少年・不動明。了がそこで明に語ったのは、地球には悪魔（デーモン）と呼ばれる先住生物が実在し、彼らによる侵略が、今まさに始まろうとしているという警告だった。明はデーモンを倒すためにデーモンと合体し、悪魔の力を手に入れた人間“デビルマン”として生きる決心をする。

Mazinger Z vs. Devilman is a 1973 animated movie that crossed over two then-popular Anime series, both of which were created by Manga artist Go Nagai. While fighting with some of his enemies Mazinger Z inadvertently knocks them into a volcano, where they crash into the prison of the Satan race and release Phoenix Jenny! Dr. Hell, learning of this, frees the rest of the Satan race and teams up with them to defeat Mazinger Z, and their ability to fly proves to be too much for our hero. Meanwhile, Devilman is also individually fighting the members of the Satan race, but their combined power is too much for him as well; can Mazinger and Devilman put aside their differences and team up to defeat Dr. Hell and the Satan race?