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It appears that Batman commits gruesome murders with several ''respected'' members of Gotham City's underworld as the victims. Everyone in the city believes that the Batman has gone out of control except his friend Commissioner James Gordon who continuously quips that ''The Batman does not kill''. Soon Batman finds out that a new, even darker than himself, vigilante has emerged that calls itself the Phantasm.

Cloaked in menacing black and grey and wearing the death's head for a mask, the Phantasm seems to be gifted with immense supernatural powers and a strong hatred for crime and its representatives. However, despite the fact that its victims are ruthless crime bosses, it's still a murderer. The Phantasm passes the line that Batman has drawn as a vigilante himself, so this ''wrath'' is technically a criminal and an enemy of Batman. It's up to the Dark Knight to elude the police and clear up his name, and most importantly, find out what is the Phantasm's real agenda.