In New York City, John Wick prepares to exact revenge against the High Table while hiding underground with the Bowery King. He travels to Morocco and kills the Elder, the "one who sits above the Table". In response, the Marquis Vincent de Gramont, a High Table member, summons New York Continental hotel manager Winston and his concierge, Charon.

The Marquis explains that the High Table has given him unlimited resources to kill John Wick. He chastises Winston for failing to assassinate John.[a] As punishment, the Marquis strips Winston of his managerial duties, declares him "excommunicado", destroys the Continental, and executes Charon. The Marquis then enlists Caine – a blind, retired High Table assassin – to kill his old friend, John, threatening to murder Caine's daughter otherwise.

John takes refuge at the Osaka Continental, run by his friend Shimazu Koji. The Marquis' second-in-command Chidi, backed by High Table assassins and Caine, arrives to investigate the hotel. Koji's daughter Akira, the hotel's concierge, evacuates the hotel just before the High Table "deconsecrates" it, igniting a melee when Koji and his men come to John's defense. John fights through waves of armored assassins, leading to a showdown against Caine, which is interrupted by a bounty hunter, "Mr. Nobody", who facilitates John's escape after determining the bounty for killing John to be insufficient. A wounded Koji repeatedly attacks Caine on behalf of John; Caine reluctantly kills Koji and spares Akira.

John returns to New York and meets with a vengeful Winston at Charon's gravesite. Winston advises John to invoke an old High Table tradition to challenge the Marquis to a duel. Winning would free John of all obligations to the High Table, but he can only request a duel on behalf of a crime family. He travels to the Berlin headquarters of the Ruska Roma crime syndicate, with whom he had severed ties,[a] to request readmission. His adoptive sister Katia stipulates that for readmission, John must kill Killa Harkan, a High Table member who murdered her father. John confronts Killa at his nightclub; Caine and Mr. Nobody assist John against Killa's henchmen when a fight breaks out; John ultimately kills Killa and regains his status.

Winston relays John's formal challenge to the Marquis. Winston requests the New York Continental be rebuilt, with him reinstated as manager, should John win. In Paris, John and the Marquis decide on the duel's parameters - dueling pistols on the following sunrise at Sacré-Cœur - in a meeting moderated by the Harbinger, the Table's emissary. The Marquis nominates a reluctant Caine to take his place; John and Winston will be executed should either fail to appear on time. The Bowery King arrives in Paris to give John a pistol and a new ballistic suit.

The Marquis intends to prevent John from arriving at the duel in time by placing a $26 million bounty on him. John fights off hordes of assassins on his way to Sacré-Cœur, including Mr. Nobody, who negotiates a bounty increase to $40 million. During their confrontation, John prevents Chidi from killing Mr. Nobody's dog, causing a stunned Mr. Nobody to abandon his pursuit of John. After Caine and Mr. Nobody assist John in fighting off several assassins—including Chidi, whom Mr. Nobody kills—on the Rue Foyatier, they reach the summit just in time for the duel. John and Caine wound each other through two rounds of dueling. The third round comes to a halt when Caine severely wounds John. Demanding the right to administer the coup de grâce, the Marquis eagerly swaps places with Caine. Winston distracts the Marquis by chiding him for his arrogance, revealing that John has not yet fired his third bullet; John shoots and kills the Marquis.

The Harbinger grants Caine and John their freedom from the High Table, and Winston is reinstated. After collapsing on the staircase, John reflects upon his life and marriage before succumbing to his injuries. Sometime later, back in New York, Winston and the Bowery King bid farewell to John at his tomb, located next to that of his late wife Helen.[b]

In a post-credits scene, Caine returns to Paris to reunite with his daughter but is approached by the vengeful Akira, who brandishes a knife.

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