After World War II, the United States ramped up the development of its Naval Aviation division. In early 1950, Lieutenant Tom Hudner (Glen Powell) is assigned to Fighter Squadron 32 (VF-32) at Quonset Point Naval Air Station, where he encounters Ensign Jesse Brown (Jonathan Majors), the squadron's only African American member. Hudner quickly adapts to the squadron, which operates the powerful F4U-4 Corsairs, aircraft infamous for their perilous flying characteristics if mishandled. Among the squad's pilots are Marty Goode (Joe Jonas), Bo Lavery (Spencer Neville), Bill Koenig (Daren Kagasoff), and Carol Mohring (Nick Hargrove), under the leadership of Lieutenant Commander Dick Cevoli (Thomas Sadoski).
As Hudner partners with Brown, he discovers that Brown often deviates from the strict guidelines expected of him. After Jesse's car breaks down, Hudner begins to offer him rides home, where he meets Jesse's wife, Daisy (Christina Jackson), and their young daughter, Pam. Although the Browns are making progress in their lives, they must confront hostile neighbors, and Jesse finds himself resorting to demeaning self-talk to bolster his confidence before missions, shouting racist slurs at his reflection for motivation.
The squadron successfully passes their carrier tests on Corsairs, situated at Quonset Point. While Hudner achieves a perfect score, Jesse faces criticism for nearly causing disaster during his first landing attempt, forcing him to take a second shot at it. The unit then transfers to the USS Leyte, commanded by Captain T.U. Sisson (Dean Denton), and sets sail for the Mediterranean Sea to counter Soviet threats. Before the deployment, Daisy urges Hudner to promise her that he will always be there for Jesse.
Life Magazine highlights Brown's unique position as the sole African American aviator aboard the Leyte. Jesse, however, chooses to focus solely on his responsibilities as a Naval aviator despite facing ridicule and discrimination from fellow officers and sailors. One Marine in particular takes pleasure in antagonizing Brown, yet Jesse refrains from confronting him.
Tragedy strikes when squadron member Mohring (played by Nick Hargrove) dies in a crash while attempting to land. Hudner wonders why Mohring did not adhere to the prescribed instructions, but Brown explains that defiance was often necessary for his own survival. During a shore leave in Cannes, France, Jesse has a surprising encounter with actress Elizabeth Taylor (Serinda Swan), who invites the squadron to her casino, much to everyone's astonishment despite the challenges Jesse faces due to his race.
While at the casino, Jesse finds himself debating with the doorman who doubts Elizabeth's invitation to him. During the visit, Elizabeth welcomes the squadron to join her at the table, which leads to a memorable night. Tensions escalate again when Hudner engages in a drunken brawl with a Marine bully. Meanwhile, Jesse receives an exquisite watch from the ship's African American crewmen as a token of their respect for him.
However, the joy is short-lived as news arrives of the Korean War breaking out, prompting the Leyte to be redeployed to assist South Korea. In November 1950, VF-32 reaches Korea only to learn that Chinese forces have entered the conflict on the North Korean side. They are tasked with destroying crucial bridges over the Yalu River, but must operate with strict rules that limit their target zone. Commander Cevoli assures his men that they will do everything to return safely.
As Brown and Hudner engage in combat with a MiG-15, they face tremendous challenges. While Hudner retreats under heavy fire, Brown disobeys orders and courageously attacks a bridge solo, managing to damage it despite the risks involved. Although Hudner reports Brown's bravery, it ironically casts doubt on Brown's future promotions, revealing the deep-seated racism still present in their ranks.
Tragedy strikes again when, on a mission to assist Marines besieged at Chosin Reservoir, Brown's plane is severely damaged and crashes in the North Korean mountains. Hudner witnesses that Brown is alive but trapped, and in a desperate act, crashes his own aircraft to aid him. Despite his heroic efforts to extinguish the flames and rescue Brown, he is ultimately unable to save him before a Marine helicopter arrives.
Back aboard the Leyte, the command decides against the risky recovery of Brown's body from enemy territory, instead opting to destroy the remaining Corsairs as a form of final honor. Months later, a devastated Hudner receives the Medal of Honor from President Harry S. Truman for his attempts to save Brown. In a touching moment with Daisy after the ceremony, she expresses that she only asked Hudner to be there for Jesse, not to save him, as Hudner relays Jesse's last words of love for her.
The film concludes with a poignant acknowledgment that Jesse's remains still lie unrecovered in North Korea, while the bonds forged between Hudner and Brown's families remain enduring and strong.
