The game is set after the events of Blazblue: Calamity Trigger. A few days have passed since the reported raid by Ragna the Bloodedge, The 13th Hierarchical City "Kagutsuchi" forgets to celebrate New Years, as his alleged involvement in the "Mysterious Bombing" and "Huge Pentacle Sightings" becomes the talk of the town. With the Novus Orbis Librarium offering no official explanation, the citizens voice their own theories, exaggerating and spreading rumors like wildfire. The name "Ragna the Bloodedge" is engraved in the minds of the people. Completely indifferent to the state of the city, the silver-haired Grim Reaper grips his massive sword and quietly bides his time—waiting for the chance to achieve his true objective. And then, the enormous "power" that has ensnared the "Grim Reaper" begins to activate...