After hastily suggesting that his class put on a masquerade ball for the school's cultural festival, Kazumi Kiba finds himself visiting a mysterious mask store with his best friend Rihito Shimizu. Inside the shop, they are greeted by a disturbing man who explains that the masks are "Personas," used to express different characteristics of oneself. The man allows the two boys to take as many masks as they want on the condition that they return the accessories once they have drawn out their "hidden powers."

While Kazumi thinks nothing of the visit, Rihito seems to remember something about the Personas and disappears in front of Kazumi's eyes. Desperate to locate his friend, Kazumi sets off towards the site he was last seen at, where he finds a vengeful Rihito and an abundance of demons ready to kill him.

This dangerous situation causes Kazumi to awaken his own "Persona" to fight off the creatures, much to his shock. Now armed with this unique ability, Kazumi ventures forward to find the reason behind Rihito's hatred.