In the 2020s, autonomous electric vehicles have become the standard, leaving internal combustion cars as relics of a bygone era. However, in Japan, a massive street racing organization known as MFG has risen to prominence, dedicated to preserving and celebrating traditional gasoline-powered cars. Founded by Ryosuke Takahashi, a legendary figure from the Initial D era, MFG is a high-stakes circuit that draws millions of online viewers and features top-tier drivers competing for a grand prize of 100 million yen.

The story follows Kanata Rivington, a 19-year-old Japanese-British driver who arrives in Japan with two goals: to compete in the MFG tournament and to find his long-lost father. Racing under the alias Kanata Katagiri, he pilots a Toyota 86 GT, a modest and underpowered car compared to the European supercars driven by his rivals, such as the Lamborghini Huracán, Ferrari 488 GTB, and Porsche 911 Carrera. Despite this disadvantage, Kanata possesses exceptional skills honed at the Royal Donington Racing School in the United Kingdom, where he was trained by the legendary downhill racer Takumi Fujiwara, the protagonist of Initial D. Kanata is also a former Formula 4 world champion, and his driving style quickly draws comparisons to the ghosts of street racing past.

The series is set against the backdrop of MFG's intense competitions, which take place on closed public courses, including the challenging Odawara Pikes Peak. Kanata must work his way through the ranks, starting from the bottom, to earn a spot among the Godly Fifteen, the top 15 racers who compete in the final tournaments. He is supported by Ogata, a mechanic who provides him with the Toyota 86 and acts as his race operator, and Ren Saionji, the daughter of the family he stays with in Japan. Ren secretly works as an MFG Angel, a promotional model for the races, and she develops a close romantic bond with Kanata while helping him search for clues about his father's whereabouts.

As the series progresses through multiple rounds of the MFG season, Kanata faces off against a roster of skilled rivals, including the aggressive Shun Aiba in a Nissan GT-R, the veteran champion Fujin Ishigami in a Porsche 911, and other elite drivers like Kaito Akabane and Daigo Oishi in their Ferraris and Lamborghinis. The narrative arcs focus on Kanata's uphill battle to overcome superior machinery with raw talent and strategy, the unfolding mystery of his family history, and the dramatic, high-speed races that blend technical realism with the spirit of classic street racing.