In the anime Street Fighter II V, Ken Masters is portrayed as a seventeen-year-old American martial artist and the only son of the multi-billionaire Masters family. He resides with his family in a mansion in San Francisco, born to a Caucasian-American father and a Japanese mother. His upbringing in immense wealth provides a sharp contrast to the more rustic and disciplined life of his best friend and training partner, Ryu, with whom he trained in the same dojo since childhood.

Ken's personality is characterized by a confident, outgoing, and often flamboyant nature. He loves to show off and is frequently depicted as a womanizer, a trait that distinguishes him from the more simple-minded and focused Ryu. He is not as stern as his video game counterpart; instead, he is more upbeat and enjoys the finer things in life, though he maintains a deep-seated passion for martial arts and the drive to prove his strength.

Motivation for Ken in the series stems from a humbling defeat. After he and Ryu easily defeat a group of soldiers in a bar fight, their commanding officer, Guile, arrives and soundly beats both young men. This encounter serves as a crucial reality check, shattering their belief in their own invincibility and igniting a desire to travel the world to improve their fighting skills and eventually challenge Guile to a rematch.

Throughout the story, Ken serves as one of the two central protagonists. His journey takes him and Ryu across Asia and Europe, where they encounter various other fighters. His role expands significantly when the criminal organization Shadaloo takes him captive. In this arc, he is used as a hostage to demand a massive ransom from his wealthy father. While imprisoned, Ken is forced to confront his own limitations and eventually learns to harness the power of Hadou, a significant turning point in his development as a fighter.

Key relationships define Ken's character. His bond with Ryu is the emotional core of the series, as they are lifelong friends and eternal rivals who constantly push each other to improve. In Hong Kong, he hires the young tour guide Chun-Li, a skilled kung fu fighter and the daughter of a police inspector. Ken quickly becomes smitten with her, going so far as to take her on an expensive shopping spree and buying her gifts, though the series leaves the question of her reciprocation open. His family, particularly his father, provides a backdrop of wealth and influence, which becomes a plot device when Shadaloo targets Ken for his heritage.

Ken undergoes significant development over the course of the series. Beginning as a cocky and somewhat reckless teenager who relies on his natural talent and wealth, he matures into a more serious and capable warrior. The humbling defeat by Guile and his subsequent capture by Shadaloo force him to grow beyond his privilege. While in captivity, he achieves a major milestone by mastering the Hadouken, a ki-based energy attack, demonstrating a level of discipline and focus he had not previously shown.

Notable abilities in Ken's repertoire include the Shouryuuken, a powerful rising uppercut, and the Tatsumaki Senpukyaku, a spinning hurricane kick, which he masters alongside Ryu. Ken distinguishes himself by creating an empowered version of the Shouryuuken known as the Hadou Shouryuuken, which he later shortens to the Hadou Shouryuu. Like Ryu, he also learns to project the Hadouken, establishing him as a formidable user of the Ansatsuken fighting style.