The classic Shakespearean play about the murderously scheming 15th-century king is reimagined in an alternative setting of 1930s England as clouds of fascism gather.

In the distant future, Evey Hammond is an average citizen of the United Kingdom, which is under the rule of the fascist and tyrannical Norsefire Party. She is an employee of the state-run British Television Network, but soon, she becomes the number one enemy of the state together with an enigmatic and larger-than-life freedom fighter known only by the letter "V". V informs Evey that she must hide in his underground lair for at least one year, and while she is reluctant to the idea at first, a bond soon forms between the two individuals. In the meanwhile, the mysterious past of V is gradually revealed to the police inspector tasked with capturing him, Eric Finch, and it is not long until he starts questioning everything his government stands for.