Following the events of Ring, the body of Ryūji Takayama, former husband of Reiko Asakawa and father of Yōichi Asakawa, is examined by his friend and rival, pathologist [Mitsuo Andō]. After he finds a cryptic note in Takayama's stomach, Reiko and Yōichi also turn up dead. Andō soon learns of a mysterious cursed videotape haunted by the spirit of a murdered young woman. Rumor has it that anyone who watches the video will die exactly one week later. Despondent over the death of his child, and believing that his rival's ghost is guiding him, Andō decides to see the video for himself. After watching the tape, strange things begin to happen around him, and he soon discovers that the tape's restless spirit has different plans in store for him.
With the help of Takayama's student, Mai Takano, Andō discovers more about Ryūji's past and the mysterious young woman, Sadako Yamamura. Searching for the truth about why Ryūji and Yōichi died from the virus, while Reiko did not, leads him to her boss, Yoshino. Yoshino lets Andō in on a secret: he has Reiko's diary. She and Ryūji had been researching the cursed videotape. While Reiko had broken the curse, Ryūji died 1 week after watching the tape. Reiko believed creating a copy would break the curse, but Yōichi died 1 week after watching the tape, just like his father had. Yoshino shows Andō both the tape and the diary.
When Andō tells Mai Takano what he has done, she is shocked and cannot understand why, since she felt from the start that it was the video that killed Takayama and his family. As they are talking, Yoshino calls Andō. He admits that he wishes he had never been involved in Reiko's business. Andō believes that Yoshino had watched the video but denies it, saying he was too scared. However, Yoshino still dies.
Andō destroys the videotapes and ensures he will be the video's last victim. He then confides in Mai about his son's death, and they end up sleeping together. Andō asks Mai if she will be there when he dies, but Mai tells him she is too scared. He understands and decides to try to find out more about the virus that killed Takayama and his son. He discovers that the virus that killed Yoshino is different from the one that killed the father and son. Andō asks for tests to be run on him.
Meanwhile, Mai Takano goes missing, and Andō survives the curse. He starts to feel that the story was just a myth, and he is relieved when Mai turns up, but is shocked to find out that she has been found dead, having given birth with no sign of a baby. Andō goes back to work, sees Mai there, and discovers that she is none other than Sadako Yamamura, reborn and claiming to be "perfectly dual-gendered." He then learns that Takayama was not helping Andō stop Sadako – instead, he was helping Sadako. A virus or the video did not kill Yoshino, Andō's friend Miyashita, and many others, but rather Reiko's diary. Sadako promises to help resurrect Andō's son in exchange for his help.
In the end, Andō brings Takayama and his son back to life with help from Sadako. Just as Ryūji leaves, he tells Andō, "Many years will pass before our world will be at peace."
> Many years will pass before our world will be at peace
