'Phantom' is a patriotic action thriller that narrates a fictitious revenge tale. India's Intelligence Agency RAW plans to unofficially carry out a mission to kill all the terrorists and the people who were involved in the 26/11 attacks on Mumbai. The chief of RAW - Roy (Sabyasachi Chakraborty) who is initially unconvinced by the idea later decides to give it a nod after his subordinate (Mohammed Zeeshan Ayyub) convinces him for the plan. Roy decides to carry on the mission with a single person and not by any team or force. The man chosen for the same is Daniyal Khan (Saif Ali Khan) who is an ex army officer, suspended for an alleged reason. He then executes the plan and start slaying the targets one by one across multiple countries. In this mission, Nawas Mistry (Katrina Kaif) becomes his prime support. Nawaz is a security consultant and has an underground connection with RAW.