A group of martial arts and combat masters are invited to a fighting tournament, "Dead or Alive", on an isolated island within an advanced complex, with the ultimate prize of $10 million. Among the competitors are Kasumi, a
shinobi ninja-princess looking for her brother Hayate who competed in the previous tournament; Tina Armstrong, a professional wrestler setting out to prove herself; Tina's father Bass Armstrong; Christie Allen, a master thief, assassin and hitwoman; her treacherous partner Maximillian 'Max' Marsh; and Ryu Hayabusa, a friend of Kasumi and Hayate who follows Kasumi to keep her safe. Another competitor is Helena Douglas, daughter of the tournament's late founder Fame Douglas. When they arrive, they are monitored by the island's supervisor,
Dr. Victor Donovan, who, aided by egghead Weatherby, is using injected nano-sensors to gather data from the fights for some mysterious project. Max and Christie plan to steal the fortune stowed away inside a hidden vault during the tournament. In addition, an assassin from Kasumi's colony, named Ayane, followed Kasumi to kill her and wipe away the disgrace the princess had caused to the clan. The tournament plays out, with multiple combatants fighting and being defeated until only Kasumi, Christie, Hayabusa, and Tina are left. Helena is defeated by Christie. During her fight, Christie sees that the key to finding and unlocking the vault is a tattoo on the back of Helena's neck. Meanwhile, Kasumi begins to suspect Donovan of lying about her brother being killed in the previous tournament, and Hayabusa, infiltrating the main facility to find the truth, is captured. She is more than once confronted and nearly killed by Ayane, whom Kasumi tries to convince that Hayate is alive. Also, Weatherby begins to fall for Helena, and tells her about what he knows of the mystery project and that before Helena's father could shut the project down, he died mysteriously. On the tournament's final day, wondering where Hayabusa is, Kasumi, Christie, and Tina look for him and discover a secret entrance to the main complex, where they find Hayabusa unconscious. They are then gassed and captured. Meanwhile, Helena resolves to stop the mystery project and has to fight the armed staff of the island, who are sent by Donovan to kill her and Weatherby. They are followed inside by Max, who finds his way to the vault and is knocked out by Bayman, who works for Donovan. Inside the main complex, Donovan shows the four semifinalists the project he has been developing; an advanced form of neural interface that allows him and others to use the fighters' combined skills to become the ultimate fighter. After downloading the data into the device in the form of a pair of sunglasses, he reveals that he kept Hayate alive and in peak condition to test the technology. He defeats Hayate and prepares to sell the technology around the world and begins downloading it to the watching buyers. Weatherby stops the broadcast and alerts the
CIA. Helena keeps Donovan back while Weatherby frees the others, but both are defeated, and Donovan activates a self-destruct sequence that will obliterate the base. Kasumi, Helena, Christie, Tina, Ayane, and Hayate launch a combined attack on Donovan, while Hayabusa and Weatherby find Max and escape with him, despite Max's urge to return for the money. During the fight, Donovan's glasses are knocked off, and Hayate and Kasumi easily paralyze him. The fighters then all escape as the base explodes and Donovan is consumed by the blast. They hijack a boat from a group of pirates. Later, Helena, Ayane, Christie, Tina, and Kasumi stand together again in Kasumi's palace preparing to fight an army of ninjas. ==Cast==