In a rush, Kazumi Kiba suggests hosting a masquerade ball for his class during the school's cultural festival. Together with his closest companion, Rihito Shimizu, he ventures into a peculiar mask store where they encounter an unsettling man who reveals that the masks are "Personas," symbolic of diverse qualities. The man generously bestows upon the boys as many masks as they please, only to insist that they return them once they have awoken their dormant powers.
Kazumi pays no heed to what has transpired, but Rihito disappears in front of him - seemingly having recalled his Personas. In a frenzied attempt to locate his friend, Kazumi discovers a raging Rihito, besieged by an army of demons poised to attack him.
To defend himself against the monsters, Kazumi unchains his own Persona. Though stupefied by his newfound mastery, he persists in unearthing Rihito's reasons for seeking revenge.