Phantom is an action thriller drama based on the fictitious set of the aftermaths of the 26/11 Mumbai terror attacks where Indian RAW chief Roy (Sabyasachi Chakrabarty) plans a daring operation. He appoints Daniyal Khan (Saif Ali Khan), a disgraced Indian soldier, who agrees to work on the condition that he will be reinstated in the Indian army at the same post as earlier. Nawaz Mistry (Katrina Kaif), an American security agent, helps him with the operation. The two face many trials and tribulations while finding and killing the suspects of the 26/11 attacks. Does Daniyal Khan succeed in his mission or get terminated while executing his plans?