The film begins with Chun Li reflecting on her childhood dreams of becoming a concert pianist. As a young girl, she relocates with her family from San Francisco to Hong Kong. There, alongside her piano lessons, she gets trained in Wushu by her father, Xiang, a well-connected businessman. One fateful night, their home is invaded by the nefarious Bison and his henchmen. Xiang bravely defends his family, but Balrog captures young Chun Li, forcing her father to surrender. In a desperate attempt to help, Chun Li's mother intervenes, only to be violently struck by Balrog.
Fast forward to years later, Chun Li has blossomed into a gifted concert pianist. After a performance, she receives a mysterious scroll inscribed with Ancient Chinese characters. On her journey home, she witnesses a homeless man being attacked by thugs. After the thugs depart, she cares for him and spots a distinctive spiderweb tattoo on his hand. At the same time, Xiang is depicted as a captive working for Bison, granted the rare privilege of seeing photos of his daughter, now grown. Tragically, Chun Li's mother succumbs to cancer, leaving Chun Li and her household in mourning.
Meanwhile, the duo of Nash and Maya investigate a series of murders involving top crime syndicate leaders in Bangkok. In her quest for answers, Chun Li consults a wise elderly woman who interprets the scroll and advises her to seek out a man named Gen in Bangkok, revealing an image that resembles the tattoo she encountered earlier. Spurred by this new purpose, Chun Li departs for Bangkok.
After weeks of searching fruitlessly for Gen, she intervenes in another alley assault, delivering a fierce battle to protect a man. After executing a powerful "Bike Rack Drop Ultra" move that leaves her exhausted, Gen arrives and carries her to his home. He informs Chun Li that Bison holds her father captive and suggests she might need to manage her anger better. Prompted by this, she visits an internet café to gather intel about Bison, who is exploiting local property owners at gunpoint.
That night, Cantana, one of Bison's secretaries, enters a nightclub. Chun Li takes advantage of the situation, seductively dancing with Cantana before slipping away to the bathroom. Drawn by her passion, Cantana follows, but Chun Li skillfully extracts the location of Bison's prized "White Rose" before escaping amidst a fray.
The narrative takes a dark turn as we learn about Bison's upbringing as the orphaned son of Irish missionaries in Thailand. In a heinous act, he had to forcibly remove his conscience by sacrificing his daughter. Back at Gen's residence, danger lurks as Bison's henchmen come for a confrontation. After an explosive attack led by Balrog, Gen vanishes, leaving Chun Li to fend off an attack from Vega, whom she deftly defeats, subduing him.
Determined, Chun Li tracks down the harbor to uncover the arrival schedule for the "White Rose," but she is soon ensnared in a trap laid by Bison's soldiers. Reunited with her father at Shadaloo headquarters, she faces a heart-wrenching moment as Bison coldly ends Xiang's life. Escaping his henchmen moments later, Chun Li is wounded by Balrog but is helped by Gen, who has survived the earlier explosion.
Later, Chun Li seeks help from Nash and Maya to launch a strategic assault against Bison. The dock employee who deceived her finally provides the correct arrival time for the "White Rose," prompting an all-out shootout involving Interpol and Shadaloo soldiers by the dock. Onboard a vessel, Chun Li discovers a young girl, later revealed to be Bison's daughter, named Rose.
In a climactic showdown, Bison is ambushed by Gen, but Bison's strength prevails. When Chun Li arrives, an intense battle ensues, resulting in her using a bamboo pole and sandbags to gain the upper hand. Ultimately, she unleashes a powerful Kikoken that sends Bison plummeting, leading to his demise.
As the dust settles, Chun Li returns home, where Gen pays her a visit and mentions an upcoming Street Fighter tournament featuring a notable Japanese fighter, but she declines, content to rest for now.
