A mysterious group of urban street racers known as the Midnight Club race for pride, power, and glory in sleekly customized, enhanced sports cars. As a regular New York City cab driver, the player learns about this secret club and decides to join.

The player begins with a relatively unmodified and slow vehicle, that being the Taxi. Through a series of races, each with different goals, they defeat other racers and win faster and more expensive vehicles. The goal is to defeat the world champion, who is revealed to be a young Japanese woman named Anika whose father manufactures concept cars in Japan. Being the only person to beat her in a race, the player is the only one who sees her identity and become the World Champion of the Midnight Club, along with winning her concept car. Anika returns to Japan afterwards.