In St. Petersburg during the year 1916, the opulence of a grand ball marks the celebration of 300 years of the Romanov dynasty. Among the guests is the esteemed Dowager Empress Marie (Angela Lansbury), who is filled with joy as she reunites with her granddaughter Anastasia (Kirsten Dunst). However, the mood quickly darkens when Rasputin (Christopher Lloyd) disrupts the festivities by declaring himself Nicolas' confidant. In a shocking turn, Nicolas denounces Rasputin as a traitor, prompting Rasputin to curse the Romanov family with a death sentence of “You and your family will be dead within a fortnight!” Consumed by rage, Rasputin plunges into darkness, selling his soul to gain the power needed to annihilate the family.
As Rasputin unleashes chaos among the people, a revolt erupts against the palace. Amidst the turmoil, Anastasia and Marie narrowly escape through a hidden passage, only to encounter Rasputin once again while crossing a treacherous frozen river. His pursuit ends as he falls into icy waters, leaving behind his magical reliquary and a peculiar fruit bat, Bartok (voiced by Hank Azaria). In the ensuing chaos, Anastasia is separated from Marie and suffers amnesia after a fall during their escape.
Fast forward ten years, whispers of Anastasia's survival circulate in St. Petersburg. Marie, now residing in Paris, offers a reward for the return of her granddaughter, sparking the interest of a crafty conman named Dimitri (John Cusack) and his partner Vlad (Kelsey Grammer). They plot to find a woman to impersonate Anastasia and claim the prize for themselves.
Meanwhile, Anastasia, now going by Anya, has grown up in an orphanage, bereft of her past and only holding onto a key from her childhood music box as a fragment of her identity. She is soon sent to work in a fish factory, but fate intervenes when a playful puppy guides her back to St. Petersburg. There, Anya learns she needs an exit visa to travel to Paris. Guided by a stranger, she seeks out Dimitri, who instantly recognizes the potential in her to pass as the missing princess.
Inside the once-majestic palace, Anya is engulfed in memories as she encounters Dimitri and Vlad, who craft a scheme to convince Marie of her identity. Unbeknownst to them, Bartok witnesses Rasputin's return from limbo, empowered by the reliquary, and he sets forth to unleash his minions upon Anastasia.
As Anya, Dimitri, and Vlad embark on their journey to Paris, they face perilous obstacles, including a dangerous train ride where Rasputin’s minions attempt to derail their escape. With wise words from Vlad about seizing the opportunity for a new life in Paris, Anya gains the confidence to continue her quest, unaware of her true identity.
Upon arriving in Paris, they learn of the Dowager Empress's growing frustration with impostors seeking her deceased granddaughter. Chance brings Anya and Dimitri to the Empress’s mansion, where Sophie, an old acquaintance, poses questions that Anya seemingly answers flawlessly. As they prepare for a performance of the Russian Ballet, everything seems to align for their plan.
However, Dimitri's true intentions are revealed when Marie overhears his deceitful schemes, driving Anya away in anger. In a bold move, Dimitri later assumes the role of Marie's chauffeur to broker a meeting. Upon presenting the music box, Anya's long-buried memories resurface, leading to a heartfelt reunion with her grandmother—much to their mutual delight.
With Rasputin's relentless pursuit culminating in a dramatic confrontation, Anastasia and Dimitri must confront their feelings for one another amidst the chaos. They ultimately defeat Rasputin, and in a moment of clarity, Anastasia chooses love over royalty, eloping with Dimitri. As Marie looks on approvingly, she recognizes that this marks the beginning of a beautiful life for her granddaughter and her beloved.
