Final Fight: The story of Final Fight takes place from within the fictional city of Metro City, in which both crime and violence has ruled the streets for many years and that the citizens themselves live in a complete state of constant fear and danger at the hands of the local street gangs, which has given Metro City an infamous reputation in being a well-known crime capital of the world. A former professional wrestler and street fighter turned newly-elected mayor, named Mike Haggar had made a personal vow to the public from within his past campaign in that he would help clean up the streets of both crime and violence so that the citizens of Metro City could finally gain the peace and happiness that they had sought and wanted for so long.

The Mad Gear Gang: the most powerful and dominant criminal organization of Metro City's criminal underworld, sees Haggar as a potential threat to their own violent rule of the city, which causes the gang to create and initiate an immediate plan of action so that they could make sure and see to it that Haggar himself doesn't get in the way of their own criminal activities. While in his office one day, Haggar receives an unexpected phone call from a suspicious sounding man who tells him that his young daughter, Jessica has been kidnapped by Mad Gear and he also warns Haggar that unless he doesn't want anything bad happening to her, he'll let the gang do as they please like the last mayor did before him. Upon knowing and realizing the dire threat at hand, Haggar wastes no time in meeting up and informing both his daughter's boyfriend Cody and his sparring partner Guy about the entire situation, which causes Cody and Guy to know and realize the fact that they can't allow Mad Gear to get away with this and that the two of them personally vow to aid and help Haggar out in saving Jessica and defeating Mad Gear.

From there, the trio of Haggar, Cody, and Guy head into the streets of Metro City to bust Mad Gear's skulls, fighting their way through the hordes of goons littering the city and also battling against the top ringleaders of Mad Gear, which includes the Caribbean thug Damnd, the American Japanophile Sodom, the corrupt cop Edi. E, former Red Beret and militia leader Rolento, and the ill-tempered Abigail. After fighting and battling against all of Mad Gear from within their rescue mission, Haggar, Cody, and Guy soon confronts the Mad Gear's boss and leader, the crooked businessman Belger from upon the top floor of a large building which serves as Belger's penthouse apartment. After a tough and intense final fight, Cody knocks Belger out of the window with a strong uppercut punch, sending him falling to his death below while Jessica is rescued and saved from the current danger, culminating with Cody and Jessica sharing a passionate kiss with each other as the young couple are emotionally happy to be reunited with one another after the entire ordeal.

The original Japanese version of the Final Fight intro states that the game takes place in 1989, and provides the corresponding ages and birthdates for each of the main characters. The English language version changes the setting to "Sometime in the 1990s..." and only provides the birthdates for the characters. The English translation featured in Final Fight One reverts back to the original 1989 date.

Magic Sword: A long time ago, a powerful sorcerer known as Lord Drokmar was seduced by the dark powers of the Black Orb, who promises eternal life to its wielder, and attempted to cover the world in darkness to create a lightless hell on Earth. A brave warrior of light, however, stopped his plans and confined the demon inside the 50-floor tall Dragon's Tower. For unknown reasons, however, the brave warrior was unable to fully destroy the Black Orb at the time.

Now, suddenly the Black Orb has returned to its master, and Lord Drokmar has ressurected from within the tower alongside an army of ghouls and demons from Hell. The influence of his magic spreads across the lands as Drokmar resumes his plans to capture all light within the Black Orb and rule over a darkened world. The hopes of the inhabitants once again rests on a brave warrior determined to fight against the armies of Hell throughout the 50 floors of the Dragon's Tower, defeat Drokmar and shatter the Black Orb once and for all. However, is he the right person? can he resist the temptation presented by the Black Orb?