A mysterious figure dubbed the Phantasm is targeting and systematically eliminating prominent mob bosses in Gotham City, leaving a trail of terror and confusion. Public sentiment turns against the Dark Knight, as the eerie similarity in appearance between the Phantasm and Batman leads many to erroneously believe that Batman has taken a lethal turn in his crusade against crime. As the police, led by Commissioner Gordon, resist the push to pursue Batman, the city's councilmen and the nefarious crime lord, Salvatore Valestra, seek to protect themselves and capture the real perpetrator.

Amid this turmoil, Bruce Wayne's past reemerges when his former lover, Andrea Beaumont, returns to Gotham City, reigniting their dormant romance and throwing Bruce's commitment to his alter ego into question. As Bruce grapples with the resurgence of old feelings and the possibility of a life beyond the cowl, he undertakes his own investigation into the Phantasm's identity and motives. The Batman must maneuver through a web of intrigue, revenge, and betrayal, all while staying one step ahead of the police, the mob, and the mysterious Phantasm, whose origins and connections to Bruce's past prove to be deeply intertwined.