The members of the volleyball team are terrified of the tyrannical Kamoshida's irrational violence. Meanwhile, Ren's classmate, Ann Takamaki, has been protecting her best friend from being cut as a regular player on the volleyball team, but she's at a loss as to what to do about the persistent approaches of Kamoshida, who lusts for her with his twisted desires.

While waiting for their next target, Ren tries out a dubious-looking maid service, discovering that his homeroom teacher Sadayo Kawakami is secretly working as a maid. Noticing Ryuji being bothered by his former track teammates, Ren asks Kawakami for the details about what happened between him and Kamoshida. Learning that the new track team advisor, Yamauchi, has been manipulating the players by leaking rumors to them, Ryuji learns to control his temper and make peace with the team.

While looking around Shinjuku with Ren, Makoto spots a fellow student named Eiko working at a dubious looking café, becoming friends with her due to their similar taste in goods. Worried about Eiko being scammed by her host boyfriend Tsukasa, Makoto tells Ren about her late father, who was a police officer, and asks for his help. Managing to expose Tsukasa's lies to Eiko, the Phantoms defeat his Shadow in the Metaverse, while Makoto aspires to become a police officer like her father.

With Futaba now a part of their team, the gang try to help her improve her social skills by taking her to the beach. Futaba then explains what she learned about Wakaba's research on cognitive psience, leading the gang to believe it is related to Palaces, mental shutdown cases, and the man in the black mask. As Mementos expands with the Phantoms' increasing popularity, Morgana becomes uncertain over whether he is really human while Ann is troubled with problems with her model work.

Wanting to change Kunikazu's heart before she is forced to move in with Sugimaru, Haru decides to help the Phantoms progress further into his Palace, awakening the full power of her Persona, Milady. Upon locating the Treasure, the gang confront Kunikazu's Shadow and defeat his army of robotic employees. After the Phantoms are forced to leave the Palace before it collapses, a mysterious figure kills Kunikazu's Shadow. Unaware of this, the gang become shocked when Kunikazu suddenly dies of a mental shutdown during a press conference.

Needing an excessive amount of coins in order to access a bridge to the Treasure, Ren wins the money in a coliseum battle. Sae raises the bridge's fee, but Akechi manages to make use of a loop hole in the casino's charge card system to obtain the full amount and access the bridge. After the gang manage to defeat Sae's Shadow, enemies surround the Palace, prompting the gang to split up and find their way out.

Following a reunion with Arsene, who urges him to remember everything, Ren is captured by the police, leading to his present day interrogation by Sae. As the interrogation draws close to an end, Ren, recalling an important discussion with Morgana and Futaba, asks Sae to show his phone to Akechi as he makes his way towards the interrogation room. After running into Sae and being shown the phone, Akechi reveals his true intentions and shoots Ren, making it look like a suicide.