While the back story Phantom 2040 is the exact same as the back story of the television series, the video game doesn't specifically enact any of the series' episodes but instead borrows elements from various episodes and sets out a start-to-finish, almost movie-like story of the Phantom's mission to stop Maximum, Inc. from dominating Metropia. It is the year 2040, and environmental disasters and the economic Resource Wars of the early twenty-first century have had catastrophic effects upon the Earth's fragile ecological balance. Ever-increasing polarization of wealth, along with the development of humanoid, robotic "biots" (Biological Optical Transputer Systems), have resulted in a social demographic that leaves the majority of the world's population scavenging in the under-city slums while a select wealthy minority live luxurious lives in exclusive, towering skyscrapers. The Earth's population continues to rise, but without the resources to support them or the jobs to sustain them, they are cast onto the streets of the over-urbanized mega-cities. Humankind's last hope for survival rests on a gigantic, hidden stretch of jungle twisting through Metropia's ruins and underground: the Ghost Jungle. It is here that Kit Walker discovers his true heritage: he is the 24th Phantom, sworn to bring an end to piracy, greed, and violence, a role passed from father to son for 500 years. Kit's father was killed with Maxwell Madison Sr. in a mysterious toxic train wreck, and now it's up to the Phantom to stop Rebecca Madison's plans of world-wide domination. Now, the world is the Phantom's jungle...because someone has to care.