"MF Ghost" is set in the near future, where internal combustion engine vehicles have become rare due to the widespread adoption of electric and autonomous cars. The story revolves around a street racing competition called MFG, which takes place on public roads in Japan. The races are broadcast globally, blending high-speed action with cutting-edge technology, including augmented reality overlays for spectators.

The protagonist, Kanata Rivington, is a young, skilled driver who returns to Japan after training in England. He enters the MFG races to search for his missing father, a legendary racer. Kanata drives a Toyota GT86, a car that stands out among the more advanced and expensive vehicles used by other competitors. His driving skills, honed under the guidance of his mentor (a character familiar to fans of the "Initial D" series), allow him to compete against drivers with superior machinery.

The series explores the dynamics of the MFG races, where drivers navigate treacherous courses while adhering to strict rules to avoid endangering the public. The competition attracts a diverse cast of racers, each with unique motivations and backgrounds. Among them is Ren Saionji, a talented female driver who becomes a key rival and potential ally for Kanata. The races are not only about speed but also strategy, precision, and the ability to adapt to unpredictable conditions.

As the story progresses, Kanata's performances in MFG draw attention, both from fans and rival drivers. His journey intertwines with the mystery of his father's disappearance, revealing connections to the racing world and the evolution of automotive technology. The series balances high-octane racing sequences with character-driven moments, delving into themes of legacy, perseverance, and the enduring appeal of human-driven vehicles in an increasingly automated world.