Nineteen-year-old private Billy Lynn and his fellow soldiers from Bravo Squad are hailed as heroes after a harrowing Iraq battle. To celebrate their bravery, the U.S. government sends them on a nationwide 'Victory Tour' culminating in a spectacular Thanksgiving Day football game halftime show. During the show, flashbacks reveal the squad's experiences in combat, contrasting the realities of the war with America's perceptions.

While preparing for the halftime event, Billy grapples with his traumatizing war experiences and struggles with his newfound fame. Surrounded by patriotic fervor, entertainment spectacles, and the business interests of the football game, he encounters surreal interactions with the team's owner, performers, fans, and his family. His internal conflict and the squad's public role bring into question the true meaning of heroism and the complex ways Americans react to the soldiers' sacrifices.