In 1930s New York City, a reformed criminal named Lamont Cranston adopts the secret identity of "The Shadow," using his psychic powers to fight crime and redeem his dark past. Under the guise of a wealthy playboy by day, he operates as a vigilante by night, leveraging his ability to cloud men's minds and become invisible to sow fear in the hearts of criminals. Cranston struggles with his inner demons and maintains a network of agents and informants to aid in his crusade against evil, meticulously keeping his dual identity a closely guarded secret to protect those he cares about.

Chaos strikes when Shiwan Khan, a powerful descendant of Genghis Khan with similar psychic abilities, arrives in New York with a plan to dominate the world. Aided by the brilliance of Margo Lane, a socialite with a penchant for solving mysteries, Cranston confronts this formidable foe whose ambitions threaten the city's safety. As he pieces together Khan's scheme, Cranston must navigate both the criminal underworld and his tangled emotions, balancing his duties as The Shadow and his genuine affection for Margo. The stakes grow higher as battles between light and shadow intensify, leaving Cranston to confront the darkness both around him and within himself.