The film opens with a striking portrayal of the tragic 1972 Munich Olympics. Following the horrific killings, the Israeli government sets into motion a plan for an "eye for an eye" retaliation, creating a list of 11 targets. Avner Kaufman, an Israeli-born Mossad agent portrayed by Eric Bana, is handpicked to lead this assassination squad during a pivotal discussion over tea at the residence of Prime Minister Golda Meir.
To ensure the Israeli government maintains plausible deniability, and under the guidance of his handler Ephraim (played by Geoffrey Rush), Avner resigns from his Mossad post, allowing the squad to operate without official ties to Israel. He assembles a diverse team of four uniquely skilled individuals: Steve, a driver from South Africa played by Daniel Craig; Hans, a document forger; Robert, a Belgian toy-maker with expertise in disarming explosives; and Carl, a former Israeli soldier responsible for cleaning up after the hits. Together, they embark on a harrowing journey to track down their assigned targets, aided by the enigmatic French informant Louis (Mathieu Amalric).
Their first target, Abdel Wael Zwaiter, is found in Rome, where the squad follows him to his residence. In a calculated move, Avner and Robert execute him. The tension escalates in Paris when Robert assumes the role of a journalist interviewing the second target, Mahmoud Hamshari. After planting a bomb in Hamshari's phone, a last-minute complication arises when the daughter returns inside just as the assassination is to take place. The operation is aborted, but ultimately, Robert successfully detonates the bomb after ensuring it is safe to proceed.
The team continues to their next target, Hussein Al Bashir, in Cyprus, where they execute him through a bomb hidden in his hotel room. However, the explosion nearly harms Avner and injures a neighboring couple, prompting a discussion among the team regarding the mission's numerous errors. As their connections to Louis deepen, it becomes clear that his assistance is critical for future endeavors.
In a pivotal moment, Avner meets with Louis in Paris to gather intel on three significant Palestinians: Muhammad Youssef Al-Najjar, Kamal Adwan, and Kamal Nasser. After convincing Ephraim to allow them autonomy in the operation, the team successfully infiltrates a secured compound in Beirut and eliminates their targets.
Further complexities arise in Athens, where an encounter with PLO militants tests their resolve. Following several missions involving both success and near disasters, the team experiences internal rifts, raising ethical concerns about their violent pursuits. As they progress, they learn of Ali Hassan Salameh, the mastermind behind the Munich massacre, eventually leading them into the heart of ongoing danger.
While pursuing Salameh in London, unexpected interruptions arise involving American individuals, hinting at deeper political intrigue. The death of Carl at the hands of a mysterious woman amplifies tensions within the squad. After tragic losses, Avner struggles with the mission's moral implications, culminating in a series of frantic events leading to confrontations across Europe.
The narrative crescendos as Avner returns to Israel, grappling with paranoia about his family's safety. An emotionally charged final scene reveals conversations with Ephraim, where Avner questions the legitimacy and impact of their assignments. Despite the weight of the implications, he seeks reconnection. The film closes with a haunting view of the New York City skyline, underscoring the reality that of the original eleven targets, nine were ultimately taken down, leaving a legacy of violence that questions justice and morality.
