"MF Ghost" is set in the near future, where internal combustion engine vehicles have become rare due to environmental concerns and the rise of electric and autonomous vehicles. The story unfolds in Japan, where a new form of motorsport, the MFG, has gained popularity. The MFG is a high-speed racing series that takes place on public roads, blending the thrill of street racing with the precision of professional motorsport. The races are held on the iconic mountain passes of Japan, with drivers competing in modified gasoline-powered cars, a nostalgic nod to the bygone era of traditional racing.

The protagonist, Kanata Rivington, is a young and talented British-Japanese driver who returns to Japan after training in the UK. Kanata is the son of a legendary racer and has inherited his father's passion for driving. He enters the MFG with the goal of uncovering the truth behind his father's mysterious disappearance. Kanata's driving skills and determination quickly draw attention, as he competes against seasoned racers in his modest Toyota 86, a car that stands out among the more powerful machines on the grid.

The series explores the dynamics of the MFG, including the strategies, rivalries, and technical challenges faced by the drivers. Each race is a test of skill, precision, and nerve, as competitors navigate treacherous courses with tight corners, steep inclines, and unpredictable weather conditions. The races are broadcast to a global audience, with fans following the action through live streams and augmented reality interfaces.

Key characters include Ren Saionji, a skilled and ambitious racer who becomes one of Kanata's primary rivals, and Nozomi Kitahara, a former idol who serves as a race navigator and provides support to Kanata. The series also delves into the lives of other drivers, team members, and organizers, offering a glimpse into the competitive world of the MFG.

As Kanata progresses through the races, he uncovers clues about his father's past and the secrets surrounding the MFG. The series balances high-octane racing action with personal drama, as Kanata's journey intertwines with the lives of those around him. The narrative builds toward a climactic showdown, where Kanata must confront his past and prove his worth on the track.